Abu Dhabi’s Etihad Won’t Express Interest in Reinvesting in Bankrupt Jet Airways
Etihad acquired a 24% stake in Jet in 2013, at a time when the Indian airline needed significant financial support, but since then the Abu Dhabi-based airline has been seeking 'advanced solutions' to help resolve issues facing Jet.
Dubai: Abu Dhabi's Etihad Airways said on Monday it will not express interest in reinvesting in India's bankrupt Jet Airways because of unresolved issues concerning the Indian airline's liabilities.
Jet has invited prospective bidders to express interest and last week extended the deadline to August 10.
Etihad acquired a 24% stake in Jet in 2013, at a time when the Indian airline needed significant financial support, but since then the Abu Dhabi-based airline has been seeking "advanced solutions" to help resolve issues facing Jet, it said.
"Etihad remained engaged in the process, but despite the endeavours of everyone involved there remained very significant issues relating to Jet’s previous liabilities," it said.
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