Jet Airways creditors back revival plan

In a surprise move, London investment fund Kalrock Capital and Dubai-based tycoon Murari Lal Jalan’s proposed revival of Jet Airways some 18 months after it filed for bankruptcy, has been approved by a creditors’ committee. The statement to the Bombay Stock Exchange is light on details of the plan but local media reports suggest that the consortium has offered to make a payment of about $115 million to creditors and equity in the new airline that would focus on international routes. Jet Airways has debt of $1.2 billion to the banks, and also faces claims from former staff, airports and