Chairman says that he is willing to give any sacrifice to keep the airline flying
Jet Airways Chairman Naresh Goyal has written to the airline's pilots, appealing them for "continued support" and assured them that the senior management will give an update on the resolution plan by March 18.
Talking about the resolution plan that has been cleared by the company's board and shareholders, Goyal said:
"While a few steps remain, some critical steps are behind us and the remaining approval processes are well underway. I assure you that I am personally working this situation as rapidly as possible."
The promoter's letter comes two days after an urgently called meeting by lead lender State Bank of India, with Goyal and Etihad Airways CEO Tony Douglas. Etihad holds 24 percent stake in its Indian peer.
According to the resolution plan, fresh shares will be allotted that will lead to dilution of stakes held by Goyal and Etihad, and will see lenders taking control of the airline.
Strained by debts of over Rs 8,000 crore, and a tough repayment schedule, Jet has grounded one-third of its aircraft, rationalised its network and deferred payments to lessors and salaries to pilots and engineers.
The pilots had earlier this week decided to wear black bands in protest, after the airline management didn't keep up with the salary payment schedule. The protest was called off after the India-Pakistan standoff.
Appeal
In the 'heartfelt appeal,' and evoking nostalgia, Goyal said:
"The deep emotion this has evoked leads me to appeal to each of you from my heart, to bear with me through this difficult situation a little longer, till we emerge out of turbulence and fiscal challenges, into clear blue skies."
Giving his "personal commitment' and that he was willing to "make any sacrifice," Goyal said:
"In the last 25 years I have given my life for this company and its employees and today more than ever I am willing to do whatever it takes to ensure that our Jet Airways not only survives but also thrives..."
