Eti­had flies in to res­cue Jet Air­ways, will help raise loans

Mint ST - - CORPORATE -

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

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