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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
April 18,2020

Mangaluru, Apr 18: Sauharda Forum in Moodbidri has placed a food-counter stand near Krishnakatte in Moodbidri here to feed the hungry during the lockdown.

Due to strict implementation of lockdown to prevent the spread of COVID-19, shops and hotels have remained closed since last one month posing a huge difficulty for many.

Stranded migrant labourers and others can collect water bottles, fruits, biscuits, and other eatables free of cost by the people at the stand.

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News Network
May 11,2020

Bengaluru, May 11: As many as 343 Indians returned to Bengaluru from London by a special Air India flight on the fifth day of 'Vande Bharat Mission' on Monday. They arrived at the Kempegowda international airport at 4.40 am.

All passengers were found to be asymptomatic on arrival except one 27-year-old woman who had had an incomplete abortion and had vomiting on arrival. She has been shifted to KC General Hospital in Malleshwaram.

Dr Prabhu Dev Gowda, an officer on duty for COVID-19 screening at Kempegowda International Airport, said, "A 27-year-old woman has had an incomplete abortion of her three-month-old foetus before taking the flight from London. She was vomiting on arrival. She was shifted to Aster CMI Hospital for emergency care.”

“Thereafter, she and her husband were shifted to KC General Hospital in Malleshwaram. They will be in isolation there. Since there is nobody to look after her, we have to let the husband accompany her to the hospital where they will be in quarantine."

The patient was famished and was provided a few idlis on arrival, he added.

After she recovers at the hospital, the couple will be shifted to a hotel. As per protocol, their throat swabs were taken for COVID-19 testing too. All passengers whether symptomatic or not are being tested for COVID-19.

Dr Manjula Devi, District Health Officer, Bengaluru Rural district said that all passengers were found to be asymptomatic on arrival except this woman who is being treated as a non-COVID-19 emergency.

Ajith Rai, Devanahalli Tehsildar told DH, "All passengers have chosen to go to hotels over government hostels. We're yet to tabulate how many have chosen budget hotels, three-star and five-star hotels. Twenty of them are still here. The process is on."

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News Network
January 17,2020

Mangaluru, Jan 17: An auto-mobile shop at Deralakatte here caught fire on Friday incurring huge loss on the shopkeeper.

According to police, the incident happened in the morning when the shop owner opened the shop.

Locals suspect that miscreants might have set the shop on fire and had escaped from the scene at night.

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