Its annual revenue is merely the equivalent of about 10 days’ income of Jet, but JetPrivilege, the associate firm which runs the frequent flier programme, has emerged as a trusty steed in this time of crisis. Cash-strapped Jet is finalising a memorandum of understanding with joint venture partner Etihad.
According to the deal, Jet is pledging its entire shareholding of 49.9 per cent in JetPrivilege to raise a loan for multiple urgent needs. The airline has to pay off its lessors (59 planes are grounded due to non-payment), employee salaries, and vendors to stop being ...
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