Two informed sources said that the holders of $ 1.2 billion in debt issued by Etihad Airways and other partially owned airlines have given the carrier, which is experiencing difficulties, a final warning to agree to a restructuring or face a possible legal action.
The move is the latest turn in Etihad’s strategy to partner with other airlines, and most of the leading companies have since gone bankrupt.
The two sources said that a debt holders steering committee - consisting largely of domestic and international investment funds - submitted a proposal to the union about a month ago requesting the carrier to agree to restructure the two outstanding bond issues in September 2020 and June 2021, but it did not receive a response until right Now.
Yesterday, Reuters reported that the company - which had lost $ 5.6 billion since 2016 - laid off hundreds of workers this month, including hospitality crews, after the Corona virus pandemic forced them to stop its flights.
A report in the French newspaper Les Echos published last March spoke about the possibility of the bankruptcy of companies that have significant operating costs or are severely subject to aviation restrictions due to the Corona pandemic, among which he mentioned "Etihad Airways".