The company is actively engaged with all its aircraft lessors and regularly providing them with updates on the efforts taken to improve liquidity.
Air-India (A-I) chairman and managing director Vasudevan Thulasidas and Jet Airways chairman Naresh Goyal have a common agenda: to get their airlines among Asia's top five by 2010 in terms of size and service.
Jet Airways Chairman Naresh Goyal said this price represents a 40 per cent discount to the originally agreed price.
Jet Airways has placed a $300 million order with US aeroengine major GE for supplying engines to power the Mumbai-based airline's Airbus A 330-200 fleet.
Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
Jet Airways has been looking at various ways to raise funds amid acute liquidity crunch that has forced it to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers along with other senior staff.
Jet Airways had appointed Ball as its CEO in May last year.
The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes.
Currently, Etihad has 24 per cent shareholding in Jet Airways
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
The agreement between the two airlines came on the second day of the four-day state visit of Mukherjee to the country.
He urged employees to bear with him in this difficult situation a little longer, till the airline emerges out of turbulence and fiscal challenges.
Alleging some "motives" behind the series of developments at the carrier, Jet Airways Officers & Staff Association president Kiran Pawaskar demanded a probe, preferably by CBI.
Etihad has high hopes from Jet Airways deal in which it bought out majority stake in 2013.
Speaking at the 2013 CAPA Australia Pacific Aviation Summit held in Sydney, Abu Dhabi-based Etihad Airline's President and CEO James Hogan said, "We are delighted to welcome Air Serbia to our equity alliance, and look forward to receiving final approvals from regulators in India of our investment in Jet Airways," he added.
Kardassis, who quit the airline in 2013, will advise Goyal and senior management on cost-saving and productivity improvement
Jet Airways' engineers, pilots and senior management have not been paid for January and February, besides 87.5 per cent of their December salary is also due.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
The airline is sitting on a debt pile of over Rs 8,200 crore and has defaulted thrice since January, including on some forex debt.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
The airline has proposed to raise authorised share capital to Rs 2,200 crore. This would comprise Rs 680 crore of equity capital and Rs 1,520 crore of preference share capital.
Jet Airways' loss widened for FY15 on higher cost.
Anita would be additional director in a non-executive and non-independent role.
However, any progress on the deal depends upon Goyal giving up control of the company.
The Civil Aviation Ministry has submitted replies to the CVC on a series of allegations raised by Nishikant Dubey against the deal and clarified all concerns raised by him, official sources said.
Objections were being raised by senior Bharatiya Janata Party leader Jaswant Singh, Communist Party of India's Gurudas Dasgupta, Dinesh Trivedi (Trinamool Congress) and Janata Party chief Subramanian Swamy over the deal, each of whom had shot off separate letters to Prime Minister Manmohan Singh.
While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
Independent directors were supposed to safeguard the interest of all stakeholders.
The interim funding has not been forthcoming thus far, and as a result Jet has extended cancellation of international operations until April 18.
India will require 1,740 planes over the next 20 years.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Move aims to comply with Sebi's norm
Jet-Etihad deal documents among those leaked: CBI
Jet Airways offers a huge packages toward arrears to pilots.
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