SBI along with other lenders, stakeholders working on resolution plan; no decision yet: Jet Airways

Crisis-hit Jet Airways Wednesday said State Bank of India, along with other lenders and stakeholders, is working on a comprehensive resolution plan to turnaround the airline.

The resolution plan being discussed contemplates equity infusion and consequent changes in the board of directors, the full service carrier said.

Against the backdrop of its shares taking a beating amid uncertainties over possible revival plan, Jet Airways said it has been working on various cost cutting measures, debt reduction and funding options.

The full service carrier, which has been grappling with financial woes, defaulted on loan repayment to a consortium of Indian banks led by State Bank of India (SBI) on December 31, 2018.

In a statement, the airline said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.

"SBI, in consultation with the other members of the consortium ..