Etihad-backed Jet Airways CEO Quits As Crisis Deepens

Etihad backed jet airways

India’s grounded Jet Airways announced that its CEO of Etihad-backed Jet Airways has quit as crisis deepens, adding to gloom over the ailing carrier.

The heavily indebted airline, which last month suspended all operations, said that chief executive Vinay Dube resigned due to “personal reasons”.

The Etihad backed Jet airways, in which Etihad Airways holds a 24 percent stake has debts of more than $1 billion and has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases.

Jet’s main lender State Bank of India (SBI) had earlier in May invited offers for a stake in the airline and received two unsolicited bids on Friday.

The collapse of the airlines has led to the loss of nearly 20,000 jobs in the country.

Comments

comments