Jet Airways shares slump after reports of Etihad's non-binding offer

Agencies
May 13, 2019

Bengaluru, May 13: Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

Comments

M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 22,2020

Bengaluru, Jul 22: Karnataka Governor Vajubhai Vala, had appointed five persons to the Karnataka Legislative Council, which remained vacant, including former ministers H Vishwanath and C P Yogeshwar, here on Wednesday.

In a Raj Bhavan communique issued here on Wednesday, it was stated that the Governor had accepted the names suggested by the Chief minister B S Yediyurappa, to fill the vacancies in the Upper House.

Apart from H Vishwanath, and Yogeshwar, the others who were nominated to the Council, were former MLA Bharathi Shetty, Shantharama Budna Siddi, and Talwar Sabanna.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
July 30,2020

Mangaluru, July 30: Medical doctor turned IAS officer K V Rajendra assumed charge as the 130th deputy commissioner of Dakshina Kannada district here today.

The 2013 batch Karnataka cadre officer succeeds Sindhu B Rupesh, who was transferred as Director of Electronic Delivery of Citizen Services (EDCS), Bengaluru. The outgoing DC welcomed the new DC in the presence of staff. 

Dr Rajendra said that he expects cooperation from all stakeholders in administering the district, amidst the mounting Covid-19 cases.

Rajendra, an alumnus of JJM Medical College, Davanagere, was serving as the CEO of Belagavi zilla panchayat before being posted as DC of this coastal district. 

Having served as assistant commissioner of Puttur sub-division for nearly a year from December 2015, Dr Rajendra, hails from Thirthahalli in Shivamogga district, had his probationary training in Bidar. He posted as CEO of Ballari ZP where he worked for nearly three till 21, 2019.

He also had a brief stint as assistant secretary in the department of fertiliser with the ministry of chemicals and fertilisers.

Sindhu who was the CEO of Udupi zilla panchayat had succeeded Sasikanth Senthil, who resigned from the Indian Administrative Service on September 6, 2019. She had taken charge on September 7, 2019.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
August 8,2020

Mangaluru, Aug 8: As visuals of the Air India Express flight crash at Kozhikode international airport emerge, one cannot help but be reminded of an eerily similar and unfortunate accident that occurred a decade ago. The August 7, 2020 tragedy brought back memories of the 2010 crash.

It was on May 22, 2010 that an Air India Express Boeing 737-800 flight from Dubai to Mangaluru over shot the runway while landing at Bajpe airport and fell into a cliff. Of the 160 passengers and 6 crew members on board, 158 were killed (all crew members and 152 passengers) and only 8 survived.

Even back then, the plane had split into two. The crash has been termed as one of India's worst aviation disasters.

The final conversations between Air traffic control (ATC) and the pilot prior to the landing showed no indication of any distress.

Like the Mangaluru accident, Karipur crash too happened when the flight was attempting to land.

The captain of the aircraft which crashed at Mangaluru, Z Glucia, was an experienced pilot with 10,000 hours of flying experience and had 19 landings at the Mangalore airport. Co-pilot S S Ahluwalia, with 3,000 hours of flying experience had as many as 66 landings at this airport. Both the pilot and co-pilot were among the victims.

An investigation into the accident later found that the cause of the accident was the captain’s failure to discontinue an ‘unstabilised approach’ and his persistence to continue with the landing, despite three calls from the First Officer to ‘go-around’.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.