Rescue deal is no panacea for India's struggling Jet Airways | Reuters:
Jet Airways’ investors are cheering this week’s government-led rescue deal, but the cash-strapped Indian airline’s future looks mired in uncertainty as convincing a new investor to come on board may not be easy.
The airline, which was on the brink of bankruptcy, was bailed out on Monday by state-run banks, which have temporarily taken a majority stake in the company, given it a new loan of $218 million and forced its chairman, Naresh Goyal, to step down from the board of the airline he founded 25 years ago.
Jet shares have rallied 20 percent since news of the rescue on hopes that the airline would now be able to clear salaries, redeploy grounded planes and claw back market share.
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