In letter to staff, Jet Airways chief says he is committed to restore stability to operationshttps://indianexpress.com/article/business/aviation/jet-airways-debt-naresh-goyal-etihad-5632697/

In letter to staff, Jet Airways chief says he is committed to restore stability to operations

In a communication to employees on Monday, Goyal said talks with the airline's strategic partner Etihad Airways, which owns 24 per cent stake in Jet, and SBI-led lenders were going on.

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Jet Airways has accumulated a debt of Rs 8,200 crore. (Representational)

In a bid to assuage its 16,000-strong staff who are apprehensive of their future with the airline, Jet Airways chairman Naresh Goyal on Monday said he was committed to complete the resolution process and restore stability to its operations at the earliest.

In a communication to employees on Monday, Goyal said talks with the airline’s strategic partner Etihad Airways, which owns 24 per cent stake in Jet, and SBI-led lenders were going on.

“I assure you that I am personally committed to have the resolution process completed as soon as possible and restore the much-needed stability to our operations at the earliest,” Goyal said in a letter to the staff.

The airline has accumulated a debt of Rs 8,200 crore and has defaulted thrice since January. Jet has delayed payments to its pilots, suppliers and lessors for months.

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As part of a bank-led provisional resolution plan, the airline agreed last month to allot 11.4 crore shares at an aggregate value of Re 1 to the lenders’ consortium led by State Bank of India.

“I personally want you to know that the situation, though complex, has my personal non-stop attention towards an early resolution…the complexity of the process though has led to some delays and will require further time to conclude,” he said.

Goyal further said Jet has “consciously” and “proactively” decided to curtail its schedule according to the number of aircraft it is currently operating. “This will ensure the sanctity of our schedule while keeping the regulatory authorities briefed,” he said.

(With PTI inputs)