In a joint statement that gave away little, Jet Airways and partner Etihad Airways reiterated that they are working towards the finalisation of a bank-led provisional resolution plan. But the statement didn't give any details.
Instead, sources told Moneycontrol that details of the possible deal could come out in the first week of March, when Etihad is expected to meet Jet's lenders, led by State Bank of India.
"The meeting is crucial, and the deal could fructify after that," said an executive from the industry.
The plan was cleared by the Jet Airways board on February 14, and a week later on February 21, it also got the nod of shareholders at an extraordinary general meeting.
The troubled airline, with mounting debt and stiff repayment schedule, was expected to make an announcement on the plan post the shareholders nod. But with reports emerging that Etihad had put in conditions for its investment, it may take a while more before the details are disclosed.
"Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP), to ensure that the carrier emerges as a financially strong and resilient airline," Jet Airways' Chairman Naresh Goyal and Etihad Airways' Chief Executive Officer Tony Douglas said in a joint statement.
25/02/19 Moneycontrol.com
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Instead, sources told Moneycontrol that details of the possible deal could come out in the first week of March, when Etihad is expected to meet Jet's lenders, led by State Bank of India.
"The meeting is crucial, and the deal could fructify after that," said an executive from the industry.
The plan was cleared by the Jet Airways board on February 14, and a week later on February 21, it also got the nod of shareholders at an extraordinary general meeting.
The troubled airline, with mounting debt and stiff repayment schedule, was expected to make an announcement on the plan post the shareholders nod. But with reports emerging that Etihad had put in conditions for its investment, it may take a while more before the details are disclosed.
"Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP), to ensure that the carrier emerges as a financially strong and resilient airline," Jet Airways' Chairman Naresh Goyal and Etihad Airways' Chief Executive Officer Tony Douglas said in a joint statement.
25/02/19 Moneycontrol.com
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