Etihad set to bail out Jet Airways
It looks increasingly likely that Etihad Airways will be cash-strapped Jet Aiways’ saviour.
The Abu Dhabi carrier is reportedly ready to boost its current 24% stake up to the maximum allowed 49%.
However according to a person familiar with the matter, it is conditional on founder and chairman Naresh Goyal giving up majority control.
That saw shares in Jet spike by 18% earlier this week.
If conditions are met Etihad will likely also inject cash into the business.
News reports suggest Goyal will offload at least half of his 51% of the airline and stand down as chairman.
There is no question that Jet is in urgent need of cash.
It has defaulted on bank loan repayments and owes millions to lessors and various vendors.
It has also been struggling to pay salaries.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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