Jet Airways chairman tells pilots he needs more time to finalize rescue deal
Reuters
Published Mar 18, 2019 09:52AM ET
Jet Airways chairman tells pilots he needs more time to finalize rescue deal
NEW DELHI (Reuters) - Jet Airways' Chairman Naresh Goyal told the airline's pilots on Monday he would need "a further short time" to finalize a rescue deal for the cash-strapped Indian carrier as the process is complex.
In a letter, Goyal said he is "committed to have the process completed as soon as possible and restore much needed stability" to the airline's operations, and that he would make it a top priority to settle delayed salary payments for pilots and some other staff once a deal is finalised.
He also said that talks for the rescue deal with the airline's biggest shareholder, Etihad Airways, and lenders, led by State Bank of India (SBI), are ongoing.
Saddled with debt of more than one billion dollars, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of whom have forced the airline to ground as many as 40 planes.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.