INSUBCONTINENT EXCLUSIVE:
Etihad Airways.In a letter on March 8, written to Tony Douglas the Group CEO, Etihad Aviation Group, Mr Goyal has sought the funding by
early next week."As you are no doubt aware, Jet Airways is in a very precarious position, with more than 50 aircraft grounded and increasing
regular grounding of aircraft, sources said close to 50 per cent of airline's fleet is not operational
cooperation in saving the airline by an urgent fund infusion by way of interim funding support of Rs 750 crore early next week, so that a
matching contribution from the banks is also disbursed, as envisaged in the Resolution Plan," it said.To move things forward, Jet Airways
has secured the approval from the the Ministry of Civil Aviation for the Pledge of Jet Airways' shares in Jet Privilege Pvt Ltd (JPPL) to
secure the interim funding, it noted.Jet Airways holds 49.9 per cent stake in JPPL, while the majority is with Etihad.Etihad Airways' board
is meeting in Abu Dhabi to discuss the resolution plan for Jet Airways
The Gulf-based carrier holds 24 per cent stake in the airline.The Jet Airways board had on February 14 approved a resolution plan, as per
which the lenders, led by the State Bank of India (SBI) would become the largest shareholders in the airline by converting the airline's
debt into equity at a nominal price of Rs 1.The bailout plan was approved by the shareholders on February 21.
