Comments
The board of Etihad Airways is expected to meet next week to decide on the future course of action and investments in Jet Airways. When contacted, a spokesperson of the airline told BusinessLine : “As a minority shareholder, Etihad continues to work constructively with the Jet Airways board, management team, and other stakeholders,” declining to get into the specifics.
When contacted to check if the board meeting has been scheduled, the Abu Dhabi Stock Exchange said that airline is not listed on the bourse. Interestingly, the newly-appointed Etihad Airways CEO Tony Douglas was in Mumbai last week to attend an urgent meeting of lenders called by State Bank of India. Etihad has a 24 per cent stake in the Indian carrier.
At its board meeting on February 14, the airline considered and approved a bank-led Provisional Resolution Plan (BLPRP), which proposes restructuring in order to meet a funding gap of nearly ₹8,500 crore. This is to be met by an appropriate mix of equity infusion, debt restructuring sale/sale and lease back/re-financing of aircraft, among others. As part of next steps, the BLPRP is expected to be presented for consideration by the consortium of lenders, the Overseeing Committee of the Indian Bankers’ Association, the board of directors of Etihad Airways, and the promoter.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.