A section of grounded Jet Airways’ employees comprising members of airline unions have written to SBI Caps seeking asset and other financial details of the crisis-hit company for raising $700 million (Rs 4,917 crore) from a mix of domestic and foreign investors.
SBI Caps is the transaction advisor for the lenders of JetAirways and managing the stake sale process for the debt-laden carrier. TheState Bank of India (SBI) is the lead lender and currently in managementcontrol of the airline.
“We would like to assure you that our resources are atyour disposal if they can be of any help. Also, as understood by us during themeeting of 2nd May, we are actively working with potential Indian and foreigninvestors to secure equity based funding commitment of $700 million,”Capt. P.P. Singh, Senior Vice President at Jet Airways, wrote to SBI Caps.
Sensing that the options to revive the grounded airline arefast running out, a group of employees had on April 29 proposed to bid formanagement control of the airline. They claimed to secure a funding of Rs 3,000crore from outside investors.
The employee group comprises members of Society for Welfareof Indian Pilots (SWIP) and Jet Aircraft Maintenance Engineers WelfareAssociation (JAMEWA). It is being led by Singh.The employee-investor consortium has asked SBICaps to provide details about the level of debt post haircut by banks andrestructuring. Among key financial details, Singh has asked as to how muchstake investors will get after infusing $700 million and the fund requirementsfor running the airline for the next 24 months.