Etihad flies in to rescue Jet Airways, will help raise loans
a consortium of overseas lenders, seeking a waiver of a loan covenant on its existing debt facility of about $185 million in a bid to avoid a default on its loans.
Mint also reported on 5 December that Jet Airways has told its pilots at a meeting last week that it will bring on board a new investor in two-three months.
Jet Airways officials, led by chief executive Vinay Dube, gave the assurance at a 26 November meeting with the pilots’ union, National Aviator’s Guild. The meeting was held to assuage pilots’ concerns about various issues including salary delays, Mint reported. the matter.
The airline has assured the pilots that it will pay 25% of the October salary on 6 December and 50% later in the month. The remaining 25% will be paid in January.
“The management has assured us that 25% of October salary and 75% of November salary will be paid during January 2019, while 25% of November salary, along with 100% December salary, and 25% of January salary will be paid in February 2019,” the person said.
“Meanwhile, the management has also said that it will disburse 75% of January and 100% of February salary in March 2019. The full March