JetPrivilege, in which Jet has 49.9 per cent (Etihad has 50.1 per cent), according to estimates, has an enterprise value of around Rs 4,000 crore.
The airline, which has grounded 59 (nine of them on Tuesday and Wednesday) planes, constituting over 40 per cent of its fleet, needs a fresh infusion of cash immediately.
The bank-led interim financing plan envisaged an infusion of Rs 4,000 crore by stakeholders.
But the plan that Etihad would put in Rs 750 crore as its share of the financing arrangement by early this week, after which the lenders will put in a matching amount, has been delayed as the final go-ahead is pending from the foreign carrier.
The loan deal was signed between Jet and HSBC in January 2014 and restated by an amendment in March the same year. The $140-million loan was drawn by the airline in two tranches on March 5 and March 27, 2014, for five years with bullet repayment obligations at the end of the fifth year.
According to a senior banking official representing the lenders, Etihad has not communicated to them its decision as to when it will disburse its share of the interim funding or if it needs more time.
Goyal, in a recent communication to Etihad group Chief Executive Officer Tony Douglas, had made it clear the Abu Dhabi-based carrier must infuse Rs 750 crore urgently.
Last week, Goyal and Etihad entered into a deal, spelling out the equity contributions of the partners, ownership and board structure. The deal was agreed upon after months of disagreement between the two on shareholding and control issues.
As part of the lenders-led resolution plan, Etihad is expected to infuse Rs 1,600-1,900 crore for 24.9 per cent (up from 24 per cent). Lenders, led by SBI, would infuse Rs 1,000 crore for 29.5 per cent and the proposed new investor — National Investment and Infrastructure Fund — would bring in Rs 1,600-1,900 crore for 20 per cent. Goyal’s ownership would fall from 51 per cent to 17.1 per cent.