Banks Approve Air India Financial Restructuring Plan

In a big boost to its precarious financial position, Air India’s Financial Restructuring Plan (FRP) has been approved by a consortium of banks, which may enable the ailing carrier save several hundred crore in the first year itself.

As part of the FRP, Air India signed four agreements with the SBI-led consortium late last evening. These were Master Restructuring Agreement, Working Capital Facility Agreement, Appointment of Facility Agent Agreement and Appointment of Trustee Agreement, airline officials told PTI today.


From: http://ping.fm/z72p2