Claiming to be reputed professionals and minority shareholders in Jet Airways as well as nine banks that have lent money to Jet, the group has proposed a leveraged buy-out plan (LBO) to revive the grounded airline. The group of professionals, led by Sankaran P. Raghunathan, has given a presentation on the airline's revival plan to various stakeholders, including pilots, engineers, employee unions and bankers. As per the plan, the employees of Jet Airways would first take control of the company. This way the employees will control Jet Airways," said the presentation reviewed by IANS. Facing severe financial crisis, Jet Airways had on April 17 announced to temporarily suspend its flight operations.

Source: Mint May 05, 2019 04:41 UTC