Etihad Hires Turnaround Expert Alvarez and Marsal as it Weighs Jet Airways Bailout

Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways Ltd as it weighs bailing out the cash-strapped Indian carrier, three sources familiar with the matter told Reuters. Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records, one of the sources said, Reuters reported. The Abu Dhabi-based carrier plans to raise its stake in Jet Airways from the current 24 percent but it wants the airline’s founder and chairman Naresh Goyal to give up control, sources have told Reuters. “Alvarez & Marsal are restructuring consultants. If they are there it means they are looking for stuff to cut,” said a second person who is familiar with the matter. An Etihad spokeswoman declined to comment. Alvarez & Marsal did not immediately respond to an email seeking comment. Read more