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.

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M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
March 27,2020

Mangaluru, Mar 27: A youth from Dakshina Kannada district, who had returned from United Arab Emirates earlier this month has tested positive for the deadly Covid-19 caused by the novel coronavirus. With this the total of Covid-19 in the district has mounted to seven. 

The fresh Covid-19 patient is a 21-year-old youth hailing from Karaya in Belthangady taluk. 

He had left Dubai on March 21 and land at Bengaluru Airport. Then he reached Belthangady through a KSRTC bus the very next morning. 

As he was suffering from fever and cough, he was admitted to Puttur government hospital on March 24. Same day his throat swab sample was sent for coronavirus testing. Today it was declared positive. 

His condition is said to be stable. However, his family members and those who were in touch with him are under observation.

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News Network
March 14,2020

Bengaluru, Mar 14: Amid coronavirus threat, Karnataka Chief Minister BS Yediyurappa has ordered shutting down for a week of all places/activities where people gather in large number including swimming pools, shopping malls, schools, colleges, cinema halls etc, state Health Minister B Sriramulu said.

This comes after Yediyurappa chaired an emergency meeting with ministers and senior officials on Friday to discuss the situation.

Earlier, schools in the state had announced early summer vacation for their students this academic year as a precautionary measure. Other public places have been shut down in the state amid the Covid-19 scare.

The shut down in Karnataka comes after various other state governments ordered similar steps. Uttar Pradesh, Kerala, Jammu and Kashmir etc. are some of the states where governments have ordered shut down as a precautionary measure to contain the spread of the deadly coronavirus.

The central government has also taken several steps to contain the virus, including suspension of all visas to India till April 15. Till date, India has reported two deaths and 82 confirmed cases of the deadly coronavirus.

The World Health Organisation (WHO) has declared the coronavirus outbreak a pandemic. The virus, which originated in the Chinese city of Wuhan last year has spread to more than 100 countries worldwide, infecting over 1,30,000 people.

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coastaldigest.com news network
February 3,2020

Mangaluru, Feb 3: After neighbouring reported the second confirmed case of dreaded Coronavirus, the government of Karnataka today ordered high alert across border districts including Dakshina Kannada.

Apart from Dakshina Kannada, district administrations in Kodagu, Chamarajanagar and Mysuru that share boundary with Kerala have been put on high alert over the movement of people with suspected cases.

In a statement released on Monday, the Health and Family welfare department said that these districts have been directed to immediately report to the State Surveillance Unit (SSU) if they come across any suspected cases of people infected with Coronavirus.

Currently, about 51 people who returned from Coronavirus-affected regions have been identified and 46 are under home isolation across Karnataka.

So far, 44 samples have been sent to the National Institute of Virology, Pune for analysis and out of which 29 samples have revealed negative results. Yet, the state government has put in all possible measures to check the spread of the virus in any part of the state.

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