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

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News Network
April 9,2020

Kasaragod, April 9: After Supreme Court intervened and settled the Border issue with Karnataka authorities who had consented to allow the critically-ill patients from in and around Kasaragod and nearby areas to cross over to nearby Mangalore for getting urgent and critical care treatment, the Karnataka authorities is alleged to continue to be hostile either by blocking way ahead or turning a deaf ear to the patients reaching there.

It was on Wednesday onwards that the check post at Thalapadi near here on the Kozhikode-Mangalore National Highway was opened for the critically-ill patients to cross over to Mangalore hospitals for medical treatment.

However, reports reaching here said two out of the three critically-ill patients, who made it to Mangalore were allegedly ill-treated or given no treatment forcing them to return back to Kerala.

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Agencies
March 14,2020

Bengaluru, Mar 14: Bus-stands and railway stations in this IT city wore a deserted look on Saturday and malls, cinemas, pubs and night clubs remained shut as part of the lockdown announced by the state government following the country's first coronavirus fatality reported from Karnataka on March 12.

Six people in Karnataka have contracted the virus including the 76-year-old man who died due to this disease from Kalaburagi in the state.

A day after chief minister B S Yediyurappa announced the shutdown for a week, the usual rush at the Central bus-stand was missing.

"Since yesterday there is slackness. Today again we are witnessing the same," a Bangalore Metropolitan Transport Corporation official told PTI.

The Karnataka State Road Transport Corporation, which runs inter-city and inter-state buses, too has seen a decline in its revenue.

"For the past five to six days we are seeing a drop of Rs 32 lakh to Rs 35 lakh in our daily revenue of Rs eight crore," Bengaluru divisional controller B T Prabhakar Reddy said.

On March 13, Yediyurappa issued instructions to stop all kinds of exhibitions, summer camps, conferences, fairs, marriage, sports and engagement events and birthday parties state-wide for a week from Saturday.

Business at pubs and aars have taken a hit due to the virus threat.

"Our businesses have suffered somewhere between 40 per cent and 70 per cent.

It is very difficult to cope with the situation," said Manu Chandra, Bengaluru chapter head of National Restaurant Association of India.

In Chitradurga district, the annual Rathayatra was cancelled whereas in Bengaluru, a temple displayed a board that it will not distribute any 'teertha' (holy water) or 'prasad' (offering) to devotees in view of the coronavirus scare.

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News Network
April 9,2020

Gadag, Apr 9: An 80-year-old woman who tested positive for COVID-19 passed away on Thursday due to cardiac arrest in Gadag, the district's Deputy Commissioner said.

She also had a history of Severe Acute Respiratory Infection (SARI). Her body was disposed of as per the protocol, officials said.

According to the Karnataka Government, 10 new positive cases have been reported in the State today, taking the total COVID-19 cases to 191, including 28 discharged patients and six deaths.

With an increase of 540 positive COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 5,734, said the Ministry of Health and Family Welfare on Thursday.

Out of the 5,734 cases, 5,095 are active COVID-19 cases and 472 patients have recovered while 166 have died.

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