Jet Airways has defaulted on loans that were due by December 31 and has delayed payments to staff and lessors
According to Jet Airways, the macro situation is turning in its favour both on the cost and yield fronts
Banks did not make money in previous debt-to-equity conversions
Government-owned infrastructure fund National Infrastructure Investment Fund is likely to buy a 19% stake for Rs 1,500 crore
Etihad Airways is likely to retain its 24% shareholding
Jet Airways board approves draft resolution plan primarily comprising infusion of funds, restructuring of debts and monetisation of assets
Jet Airways has piled on debt as low-cost carriers lured fliers away with their cheaper, on-time, no-frills flights
The Jet restructuring would mean three board seats going to Etihad as it may turn out to be the largest shareholder
Sebi stance comes at a time when the stakeholders concerned along with the lenders have informally sought the regulator's views on the possibility of a waiver
On February 7, the airline said four of its aircraft have been grounded due to non-payment of lease rentals
Faced with acute financial problems, the airline is looking to restructure debt and raise fresh funds
Jet Airways is looking to restructure debt as well as raise funds
'This amount will help to run the operations'
Naresh Goyal owns 51 per cent in the airline and is currently in Abu Dhabi to finalise a resolution plan
Recently, Jet Airways has been in a tight spot financially as a rescue plan is said to be stitched between its partner Etihad and a consortium of banks
The 'Sashakt' plan for resolution became operational in December 2018 after months of delay
According to the proposed deal, Founder Chairman Goyal will step down from the board of directors and relinquish his decision-making powers, said a Business Standard report
He said that the airline will come out of current set of challenges
The final agreement is expected to push up Etihad Airways' stake to around 40 per cent from the current 24 per cent
The cash-strapped airline on Wednesday said it had grounded eight aircraft, of which three were temporarily grounded for engine normalisation