Etihad unlikely to get on board with Jet Airways bailout plan

Etihad Airways PJSC is unlikely to agree to a provisional debt resolution plan proposed by lenders for the crisis-hit Jet Airways (India) Ltd, said two people directly aware of the development.

A meeting of the board of Etihad in Abu Dhabi on Tuesday remained inconclusive, with several members expressing reservations about the terms proposed by the lenders that included adding two nominee directors from the promoter group of Jet Airways, led by founder Naresh Goyal, the people cited above said on condition of anonymity.

“Another contentious issue was Goyal’s demand for exclusion of the perpetuity clause, which capped Goyal’s shareholding to 22%,” said one of the two people cited above.

The provisional pact envisaged a “new investor” injecting between ₹1,600 crore and ₹1,900 crore for about 20% in Jet Airways and the Goyal-led promoter group’s stake falling to 17.1%, with a caveat seeking to cap it at 22%. Read More

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