Jet Airways crisis deepens as Etihad refuses to agree on contours of deal

Etihad would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan

Tony Douglas, the chief executive officer of Abu Dhabi-based Etihad Airways, flew down to Mumbai on Monday morning for an unusual meeting with State Bank of India (SBI) Chairman Rajnish Kumar and a few other top bankers to discuss the sticky issues in the rescue plan for Jet Airways. 

At the end of the meeting, the crisis seemed to have deepened as Etihad, which holds 24 per cent in Jet, refused to agree on the contours of the deal. According to sources aware of the development, Douglas has informed a consortium of lenders, led by SBI, that Etihad would not