Take-off for Jet is still uncertain despite Etihad submitting a formal bid

The resolution plan of Jet Airways, which underwent multiple changes, was structured around conversion of debt into equity and a rights issue to recapitalise the airline

A take-off for Jet Airways is still uncertain despite Etihad Airways submitting a formal bid. The many conditions linked to the offer made by the Abu Dhabi airline will make it an extremely tough resolution process for the lenders, people in the know said.

The primary conditions on which the bid depends include  conversion of debt into equity and finding a partner willing to pick a majority stake to tie up with Etihad. On top of that, lenders have to agree on a substantial haircut to their exposure. While lenders have indicated that they are not willing to take a