Jet Airways
In July 2017, Jet Airways had asked its junior pilots, who joined the brand in 2016, to take a 30 percent pay cut or leaveReuters

Debt-laden Jet Airways (India) Ltd may require fresh capital to continue carrying out their operations as most of the $300 million capital it raised in June may have been exhausted.

A major part of this capital which came from lease incentives and borrowings from domestic banks has been used by the airline to reduce their debt during the quarter ended in June. The remaining amount is expected to be used in the ongoing quarter which is considered a cool off period for travel when revenues are expected to decline.

One of the analysts tracking the Jet Airways development told Mint that "Jet Airways needs at least Rs 2,500-3,000 crore of cash in the coming quarters." The airline is expected to have a tough time ahead in finding the investors for the next round.

According to an internal communication sent to employees by the airline's chief people officer Rahul Taneja, the airline plans to disburse the salary for August in two instalments in September. It is to be noted that the employees of the debt-ridden airline have not been paid their salaries for the month of July and August.

As of June 30, the airline has managed to cut its net debt by Rs 700 crores sequentially to Rs 7,364 crores. During the current financial year, it has planned a debt repayment of Rs 2,200 crores. The airline is also muting the idea for various debt reductions and funding options, including capital infusion and monetisation of assets, including the company's stake in its loyalty programme.

The analyst also argued that "The airline can raise about Rs 1,500 crores by monetising the 50 percent stake in its frequent-flyer loyalty programme, JetPrivilege, and about $30-40 million each for its wide-body planes that it plans to sell and lease back."

Moreover, Blackstone has shown its interest in a deal that could value JetPrivilege at Rs 3,000-4,000 crore. The JetPrivilege could be a game-changing financial deal for the airline as a report by global independent consultant OnPoint has valued the business at $1.13 billion (Rs 8,136 crores), to potential investors.