The promoters of Jet Airways may have to give up management control if they want to raise capital, reported LiveMint.
The Naresh Goyal-led airline had to delay salaries and payments of a section of its staff and vendors to service its debt on time, the report said citing two unnamed analysts tracking the aviation sector.
Jet needs to raise at least $250 million immediately to pay off its dues to lenders and other vendors, the analysts told Mint. Jet Airways did not respond to Mint's emailed queries on its plans to raise capital after the default announcement.
“The fundraising will depend if Mr Goyal is willing to give up control in Jet Airways. Also, with lenders carrying out a forensic audit into its accounts, the airline will have to come out clean if it is to successfully raise money from either the market or the industry,” the first analyst cited earlier told the newspaper.
The development comes after rating agency ICRA downgraded financially-troubled Jet Airways' short and long term credit facilities after the company on Tuesday reported a delay in paying interest and installment due to banks.