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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
January 4,2020

Mangaluru, Jan 4 The International Kite Festival, will be the main attraction of the Karavali Utsav being held here from January 10-19.

Deputy Commissioner Sindhu Roopesh said on Saturday that a variety of cultural programmes are scheduled on the occasion of Karavali Utsav being organized by the DK District Administration at the Karavali Utsav grounds, Kadri Park and Panambur Beach.

Cultural programmes will be presented by budding local artistes of State, National and International fame. All facilities for the cultural programmes will be set up at the Kadri park and Karavali Utsav grounds.

The programme will begin with a cultural procession from Nehru Maidan on 10 January followed by the Inauguration at the Karavali Utsav grounds.

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coastaldigest.com news network
July 8,2020

Kasaragod, Jul 8: A 48-year-old man, who died on Tuesday, has tested positive for COVID-19 on Wednesday.

A native of nearby Mogral Puthur in Kasaragod district, Abdul Rahmn was running a business in Karnataka’s Hubli since long time.

He had recently returned to his hometown from Karnataka through Talapady border on the outskirts of Mangaluru.

Sources said, despite the man having acute fever, the authorities at the Talapady border not only took any action including informing the concerned, but allowed him to cross over the border in a vehicle.

He was rushed to Kasargod General Hospital soon after returning. Those who had accompanied him from Karnataka to Kerala are now under ouarantine.

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News Network
March 28,2020

Mangaluru, Mar 28: Dakshina Kannada District observed a total shutdown on Saturday with closure of all shops, barring milk booths and pharmacy, to prevent spread of deadly Coronavirus.

The Central Market, a hub of activities where vegetables, groceries, flowers are sold, remained closed. Despite the milk booths and pharmacies being exempted from the purview of bandh, only a few milk booths remained open here.

The administration decided to go far bandh ion the wake of people failing to follow the lockdown guidelines of maintaining social distance and some wandering on the streets without valid reason. Moreover, there was increase in the number of corona cases despite measures taken, Deputy Commissioner Sindhu B Rupesh said.

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