Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout

Abu Dhabi carrier Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways . (Reuters)
Updated 25 January 2019
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Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout

  • Abu Dhabi airline weighs bailing out the cash-strapped Indian carrier

NEW DELHI/ABU DHABI: Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways as it weighs bailing out the cash-strapped Indian carrier, three sources familiar with the matter told Reuters.
Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records, one of the sources said.
An Etihad spokeswoman declined to comment. Alvarez & Marsal and Jet Airways did not immediately respond to an email seeking comment.


China to lure foreign investment in state giants

Updated 2 min 53 sec ago
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China to lure foreign investment in state giants

  • China began a new round of reforms in 2016 aimed at streamlining its lumbering state-owned enterprises

BEIJING: China will seek to attract foreign investment in its larger state-owned enterprises (SOEs), which are undergoing reforms to make them more competitive, the head of the country’s state asset regulator said.
China began a new round of reforms in 2016 aimed at streamlining its lumbering SOEs by introducing private capital, curbing overcapacity, shutting down “zombie” subsidiaries and restructuring assets.
Private and foreign firms should “actively participate in reform and development of central enterprises, and jointly explore ways of deep cooperation including mixed-ownership,” Xiao Yaqing, chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), said on the regulator’s website on Sunday.
China has been promoting “mixed-ownership” reforms aimed at introducing private capital and management methods into giant central government SOEs. The SASAC will also support investment by state giants in private and foreign firms, Xiao said, without giving details.