Ailing Jet Air Seeks Investor Approval to Swap Debt for Shares - Bloomberg:
Jet Airways India Ltd. is seeking the approval of shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner Etihad Airways PJSC.
India’s biggest full-service carrier has called an extraordinary general meeting on Feb. 21 in Mumbai, during which it will also seek consent for lenders to appoint company directors and boost its capital, according to a filing Monday. The airline, 24 percent owned by Etihad, didn’t say whether the three sides have reached an agreement over the terms of the rescue.
Jet Airways, Etihad and lenders have been in talks for weeks to work out a revival plan, although no commonly agreed proposal was presented to the government, a ministry official said Jan. 25 in New Delhi. The Mumbai-based carrier has struggled with low fares in an increasingly competitive market, losing money in all but two of the past 11 years.
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