India's Jet Airways delays payments to global lenders guaranteed by ExIm

(Money Control, Mumbai, 8 April 2019) India's' cash-strapped Jet Airways has delayed repayments to global lenders, including Citibank, that funded the purchase of its Boeing 777 planes the Economic Times reported. The repayments, worth over $18 billion, were due at the end of March. The banks loaned funds to the carrier based on guarantees from the Export-Import (EXIM) Bank of the US, which can be invoked in case of a default. If a default occurs, it would be bad news for Jet as the US ECA would deregister and take back the planes. Almost two-thirds of Jet's fleet have been grounded due to non-payment of its dues.