The last time Jet was suffering with ballooning debt, Etihad Airways infused $600 into the airline and pick up a 24% stake, three London Heathrow slots and a major share in Jet's frequent flyer programme.
Jet Airways' lenders may this week invite expressions of interest (EoI) from investors looking to acquire the ailing airline.
Jet Airways has been grappling with more than Rs 8,200 crore debt, unpaid salaries and a grounded fleet. Jet shareholders approved the plan last month, allowing banks to nominate their representatives to the board, but there's no progress in getting new investors. Once that is done, the banks are expected to offload their stakes. Lenders will infuse almost Rs 1,500 crore into the company via debt instrument against security of its assets. Everyone including Goyal and Etihad will be allowed to bid, he said.
Kevin Knight, nominee of Etihad Airways PJSC, also resigned as director from the airline's board, Jet Airways noted.
Maduro is in his last phase, roars Guaido
The Miami Herald published an opinion piece from Pence that called for the release of Marrero from his undisclosed location. He showed screen grabs of cell phone conversations that he said are proof Marrero was orchestrating the hitmen's payment.
Then budget airlines such as InterGlobe Aviation Ltd.'s IndiGo and SpiceJet Ltd. began emerging more than a decade ago, roiling the industry with discounted prices for no-frill services.
He was responding to a query on whether Jet Airways is a fit case to be referred under the Insolvency and Bankruptcy Code (IBC). Compounding Jet Airways' woes were a depreciating Indian rupee and surging oil prices. The process is likely to be completed in the June quarter, the airline said.
"The Rs 1,500 crore is a fully secured, priority, interim funding for two months which we believe is good enough to normalise operations of the airline before it is sold Jet as a going concern", SBI Chairman Rajnish Kumar told CNBC-TV18 in an interview. Cumulative losses bloated to about $1.6 billion as of the end of March 2018. This is also a wake-up call for Indian policymakers.
Sun Pharma falls 2% Shares of Sun Pharma declined 1.91 per cent to close at Rs 464 after it said that the USFDA issued a Form 483, with one observation for its Baska facility in Gujarat.