In the latest letter to the airline's employees, Goyal described the airline's 26th anniversary on May 5th (Sunday) as "saddest" day of his life
Jet Airways founder Naresh Goyal has expressed hope that banks will finalise a bidder on May 10, when the deadline for bidding ends.
In the latest letter to the airline's employees, Goyal described the airline's 26th anniversary on May 5th (Sunday) as "saddest" day of his life.
In the emotional letter, Goyal said every year for the past 25 years, the fifth day of May has held a special place in the hearts for each of the employees. "But yesterday, our 26th anniversary was the saddest of all days, with no flights, added to which the sad coincidence that on 18th April 1993 we received our first aircraft in Mumbai, while in the early hours of the morning of 18th April 2019 we operated our last service from Amritsar to Mumbai."
Goyal said he and his wife Neeta have made all the possible efforts to rescue the airline, including stepping down from the Board on March 25. He also paid Rs 250 crore from one of his group companies, in addition to pledging his share in the airline.
In an earlier letter on April 19, Goyal had let out his anguish over non-infusion of interim funding by lenders. In a letter, addressed to assuage the employees who had started questioning the management over non-payment of salaries, Goyal earlier said, "In extending my fullest respectful co-operation to the consortium of Indian lenders, I have agreed to each and every term and condition laid by them in a timely manner. I have given all facilitation for implementation of the resolution plan and signed on the "dotted lines" as required to ensure the release of the much-needed funds committed by the lenders, in order to secure a sustainable future for Jet Airways."
Meanwhile, sources claim that three of the four bidders have not signed non-disclosure pacts and may not bid. Etihad Airways, TPG Capital and Indigo Partners and NIIF had shown interest.
Bankers aware about the bidding process said that the potential bidders have been wary of the Rs 13,000 crore negative worth of Jet Airways and therefore not sure whether they will be able to make any profit out of it. However, one of the airlines which did not participate in the EoI pegged the liability to be around Rs 25,000 crore. The same source said in case of the insolvency process, the banks are unlikely to get much as airline business is mainly asset light and therefore nothing much to recover.
CLOCK’S TICKING
- Rs 13K cr – Negative worth of Jet Airways
- May 10 – The last date for bidding for the airline
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