Timeline: The turbulent journey of Jet Airways

Jet Airways Ltd, the biggest full-service provider in India, has been below darkish clouds for the past few months.

While intense pricing festival, weak rupee and emerging gasoline costs have hurt Indian airways like IndiGo owned via InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its personal.

Saddled with a debt of about Rs 80.52 billion ($1.14 billion) as of Sept. 30, Jet is desperately searching for a deal that would help mitigate its critical liquidity crunch. The airline has a market capitalisation of 35.03 billion rupees as of final shut.

The Tata conglomerate is now prone to be the possible white knight for the debt-laden company, but no proposal has been made but.

Here’s how the story unfolded:

May three – Jet stocks fall 12.three p.c after InterGlobe Aviation reported a hunch in internet profit for March-quarter a day earlier

May 23 - Jet posts first quarterly loss in a minimum of 12 quarters, says it has a negative internet worth that ‘would possibly create uncertainties’

Aug 1 – Media report says Jet requested employees to take an up to 25 p.c cut in salaries as part of a price slicing measure

Aug three – Jet denies report that it cannot fly past 60 days, and dismisses conjecture of stake sale

Aug nine – Airline defers board meet for first-quarter results

Aug 11 – After State Bank of India chairman says Jet’s mortgage is at the financial institution’s watch checklist, Jet says it's regular in fee duties to all banks

Aug 13 – Airline reaffirms that it is thinking about quite a lot of choices to satisfy its investment requirements

Aug 15 – Report says U.S. personal equity firm Blackstone Group LP is in talks to buy a stake in Jet’s frequent-flier loyalty programme JetPrivilege

Aug 20 - Sources inform Reuters that private equity firm TPG Capital is thinking about making an investment in Jet, but isn't close to finalising a deal

Aug 27 – Jet posts loss for the June-quarter, says it is going to inject budget and cut costs via greater than 20 billion rupees in two years

Sept 4 – Government plans relief package deal for airways

Sept 6 – Jet says it paid salaries to 84 p.c of its employees after reports emerge that pilots warned ‘non-cooperation’ over wage default

Sept 20 – Income Tax division conducts survey at Jet’s premises

• Over two dozen passengers on a Jet flight are handled for minor accidents after the plane loses cabin pressure

Oct 4 – Rating agency ICRA downgrades here the company's longer term loans and NCDs, mentioning impact of steep build up in jet gasoline prices, rupee depreciation, delay in implementation of liquidity projects

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report “speculative”

Oct 30 - U.S.-based Delta Air Lines Inc expresses hobby to buy Jet stake from promoter Naresh Goyal and Etihad Airways

Nov five – Report says Tata aims to buy the 51 p.c stake in the airline owned via Naresh Goyal, and Etihad Airways’ 24 p.c stake, and merge Jet with Vistara

Nov 12 – Jet posts third directly quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming present challenges

Nov 13 – Tata Sons begins due diligence to buy Jet, reports say

• Jet executive says company is in talks with more than one parties for a stake sale in its loyalty program, and equity infusion in the airline

Nov 15 – Shares surge nearly 25 p.c following reports that the debt-laden airline used to be nearing a rescue handle Tata Sons; every other report says the Indian govt requested Tata to explore purchasing Jet

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made

Nov 20 – Tata Sons would possibly go gradual on Jet deal after some administrators from Tata’s board expressed considerations, according to media reports

Nov 21 - The airline says information on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative

Nov 22 - Independent director Ranjan Mathai resigns, mentioning emerging pressure from other commitments

Nov 26 - Report says Naresh Goyal would possibly quit Jet Airways ops to Etihad Airways