Jet’s partner Etihad submits a conditional bid for the cash-strapped airline
Bidding for a majority stake of as much as 75% in Jet Airways ended last week, and the airline’s creditors received 4 bids according to SBI, Jet’s main creditor. Jet’s creditors have taken a majority stake in the airline and are selling their equity holding to recover their dues. The airline has around US$1.2b in outstanding loans. Two of the bids came from Jet’s stakeholders itself. While one bid came from the airline’s employees, another came from Jet’s partner Etihad - which has a 24% stake in the airline - as expected. While hope for a revival still remains, Etihad’s bid indicated the Emirati airline’s desire is to limit its participation in Jet’s turnaround. The terms aren’t surprising. Etihad has, on multiple occasions in the recent past, decided against bailing out the airline. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-14/eap/jet2019s-partner-etihad-submits-a-conditional-bid-for-the-cash-strapped-airline
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Jet’s partner Etihad submits a conditional bid for the cash-strapped airline
Bidding for a majority stake of as much as 75% in Jet Airways ended last week, and the airline’s creditors received 4 bids according to SBI, Jet’s main creditor. Jet’s creditors have taken a majority stake in the airline and are selling their equity holding to recover their dues. The airline has around US$1.2b in outstanding loans. Two of the bids came from Jet’s stakeholders itself. While one bid came from the airline’s employees, another came from Jet’s partner Etihad - which has a 24% stake in the airline - as expected. While hope for a revival still remains, Etihad’s bid indicated the Emirati airline’s desire is to limit its participation in Jet’s turnaround. The terms aren’t surprising. Etihad has, on multiple occasions in the recent past, decided against bailing out the airline. <br/>
