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Etihad hires turnaround expert Alvarez & Marsal as it weighs Jet Airways bailout

Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways as it weighs bailing out the cash-strapped carrier, 3 sources familiar with the matter said. Executives from Alvarez & Marsal are camped in Jet Airways' offices in Mumbai and are taking stock of the airline's operations and looking into its financial health and records, one of the sources said. Etihad plans to raise its stake in Jet Airways from the current 24% but it wants the airline's founder and chairman Naresh Goyal to give up control, sources said. Jet Airways said last week it is in talks with lenders to resolve its debt problems. It is seeking a cash injection by stakeholders and will make board changes. <br/>