NEW DELHI: Abu Dhabi-based Etihad has for the first time officially acknowledged it is working for restructuring of Jet Airways to ensure the airline avoids a Kingfisher-like fate. Jet chairman Naresh Goyal and Etihad CEO Tony Douglas on Monday issued a joint statement, saying the airline’s restructuring is on and that the process will soon be completed. While the exact nature of restructuring has not been stated, it is learnt that once this process is complete Jet will be majority owned by PSU banks and a government-managed investor fund with Goyal’s stake reducing to about 20%.
“Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP), to ensure that the carrier emerges as a financially strong and resilient airline. The approval of the BLPRP by the board of directors of Jet Airways last week was an important step in this direction.
