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Aviation

Lenders to pick up substantial stake in struggling Jet Airways

Updated : March 22, 2019 04:35 PM IST

Cash-strapped Jet Airways lenders are planning to pick up a substantial stake in the airline company, a senior finance ministry official told CNBC-TV18, requesting anonymity.

After securing the stake in the airline, lenders are planning to sell Jet Airways as existing promoters need to exit before new buyers can be roped in.

With Jet Airways flying just about a third of its fleet, defaulting on interest payments and delaying salaries to pilot, no new promoter likely to come in for 2-3 months.

Jet Airways has a debt of over Rs 8,200 crore and needs to make repayments of up to Rs 1,700 crore by the end of March. In case the airline collapses, 23,000 jobs would be at stake.

Jet Airways is headed by Naresh Goyal, who currently holds 51 percent stake. Abu Dhabi based Etihad Airways has 24 percent. There were media reports that Etihad has approached the SBI to purchase its 24 percent stake in the airline.

The pilots union of Jet Airways had on Tuesday threatened to stop flying from April 1 if their salaries are not paid by March 31.

The Directorate General of Civil Aviation (DGCA) said only 41 aircraft of the Jet Airways were currently available for operation and there may be "further attrition" of flights "in coming weeks". 41 aircraft is just one-third of Jet's fleet of 119 planes.

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