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

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.


Abu Dhabi fund suspends debt service repayments for countries, companies

Updated 21 min 36 sec ago

Abu Dhabi fund suspends debt service repayments for countries, companies

  • Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31

DUBAI: Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday.
The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.
Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31, the fund said in a statement.
It did not say which countries or companies would benefit or what the criteria would need to be met to be eligible.
“At a time when the world is reeling under the effect of the pandemic ... it is imperative for us to support particularly those that need it most, especially the low-income countries,” the fund’s director general Mohammed Saif Al-Suwaidi said.