NEW DELHI: Terrain, pull up is a dreaded warning in cockpits as it tells pilots their aircraft is about to hit ground and needs to be pulled up immediately to avoid an accident. Jet Airways chairman Naresh Goyal has virtually sounded a similar warning to Etihad while seeking Rs 750 crore as urgent interim funding this week from it. Non-receipt of this funding could lead to grounding of Jet, Goyal said while mincing no words in a letter sent to Etihad Group CEO Tony Douglas last Friday (March 8).
Reflecting its condition, Jet told BSE on Monday evening that “part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on March 11, 2019, has been delayed owing to temporary liquidity constraints and the company has engaged with the lender in relation to the same.”
Goyal’s last Friday SOS to Etihad said: “Jet Airways is in a very precarious position, with more than 50 aircraft grounded and increasing arrears of vendors and salaries… need for interim funding all the more imperative… I now look forward to your support and cooperation in saving the airline by an urgent fund infusion (Rs 750 crore)… early next week, so that a matching contribution from banks is also disbursed.”
