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Etihad prepared to reinvest in a restructured Jet

Etihad Airways has flagged its willingness to commit fresh capital in order to remain a minority shareholder in a restructured Jet Airways.

The UAE flag carrier says that "subject to conditions" it would be prepared to "reinvest" in Jet, in which it holds a 24% stake.

It adds that it has been working consistently with key stakeholders over the past 15 months to help find a solution that ensures Jet's return as a "viable and competitive Indian airline", and continues to do so.

But the Abu Dhabi-based operator warns that it cannot be expected to be the sole investor in Jet and that, "amongst other requirements", additional "suitable" investors would need to provide the majority of the required recapitalisation.

Jet suspended operations last month after failing to secure emergency funding.

The deadline for binding bids for the grounded airline from potential investors expired today. Etihad has not disclosed whether it made a submission.

The State Bank of India, which is managing the sale process on behalf of a consortium of Jet's lenders, told Reuters today that two unsolicited bids had been received.

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