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5 reasons why helicopter parents are sabotaging their child’s career

By on December 18, 2020

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Ashley Stahl“Hi Ashley!” came the chipper voice on the other end of the line. “I’m so excited for our call!”“Great!” I said. “Let’s get started!”But before I could get the ball rolling on the phone consultation, she interjected:“Before we get started in our consultation, I just wanted to introduce you to my mom, who is also on the phone line.”I’m a career coach to millennials, but for a moment I wondered if she’d confused me for her wedding planner.The client paperwork I printed in advance of the call confirmed that there was no confusion on my end: Rachel was a 26-year-old Cornell graduate. She spent the last two years serving with Teach for America. She had a master’s degree in education.She was looking to hire me because she wanted to get clarity on her next career move – arguably one of the most important and independent decisions any of us will tackle in adulthood.… So why did her mom need to be on the call? continue reading »last_img read more

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Warriors win, Northstars shine at boys swimming state qualifier

By on September 17, 2020

first_img Tags: boys swimmingC-NSliverpool Though the headline that emerged from Saturday’s boys swimming Section III state qualifying meet at Nottingham High School involved the team that retained the George Falwell Cup, it was far from the only story.True, Liverpool repeated as team champions, its total of 310 points well clear of Fulton’s 208 points in second place. But Cicero-North Syracuse produced two different examples of swimmers earning spots in the March 6-7 state championships on Long Island.Needing to get to 22.19 seconds in the 50-yard freestyle, the Northstars’ Logan Petralia earned it, going 22.16 seconds for third place overall as Seaver Schultz, in 22.39 seconds, was fifth.Later, in the 200 freestyle relay, Petralia and Schultz, paired with John Harbaugh and Dom Bagozzi, would post 1:29.69, which beat the state qualifying mark of 1:30.12 by nearly half a second.In that event, C-NS finished third, while Liverpool’s quartet of Curtis Merrick, Josh Foley, Jack Hyde and Julien Brownlow were second in 1:29.21 to Watertown’s 1:28.04.But the Warriors won the 400 freestyle relay to cap its championship performance, having Brownlow, Jack Andrejko, Brandon Nguyen and Griffin Merkling get a season-best time of 3:17.79. C-NS had Bagozzi, Sawyer Powell, Connor Burke and Josh Kubala get seventh place in a season-best 3:32.72.On his own, Merkling, in 1:56.95, won over Fayetteville-Manlius’ Quinn Smith (1:58.92) in the 200 individual medley, while Brownlow went 21.67 seconds to win the 50 freestyle as Petralia and Schultz chased him. Merkling took third in the 500 freestyle in 4:56.24,In the 100 backstroke, Merrick tore to a time of 53.74 seconds, setting a new season mark as Andrejko was third in 57.37 seconds and A.J. Wagner was ninth in 59.82 seconds, breaking the one-minute mark.This went with Merrick finishing third in the 100 butterfly in 54.19 seconds. Brownlow, in a season-best 47.84 seconds, was second to Watertown’s Simon Stratton (47.73) in the 100 freestyle, with Nguyen eighth in 51.07 seconds.Brownlow, Merrick, Foley and Hyde were second in the 200 freestyle relay in 1:29.21 to Watertown’s 1:28.04. Merrick, Merkling, Nguyen and Andrejko were third in the 200 medley relay in 1:39.96, with C-NS putting Harbaugh, Schultz, Burke and Petralia finish sixth in 1:42.06.Will Allen was eighth in the 200 freestyle in 1:54.22 and eighth in the 500 freestyle in 5:13.92 as Harbaugh was eighth in the 100 butterfly in 56.34 seconds.Share this:FacebookTwitterLinkedInRedditComment on this Story last_img read more

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Memela hits two as Micho’s Pirates beat Chiefs in Soweto derby

By on August 13, 2020

first_imgThembinkosi Lorch gave Pirates the lead on 21 minutes in the Soweto cauldron and Colombian Leonardo Castro levelled just before the half hour.Sundowns have 43 points, Pirates 39 and Free State Stars 37 in what is developing into a three-team battle for glory with seven rounds remaining.Maritzburg United and Chiefs share fourth place, eight points adrift of 2016 African champions Sundowns, and it is difficult to imagine either side becoming champions.“I have been waiting a long time for the opportunity to play in a Soweto derby,” said man-of-the-match award winner Memela.“It is a wonderful feeling to score twice but as much as I am happy, I am even happier for my team, Orlando Pirates.”Serbia-born Pirates coach Milutin “Micho” Sredojevic said the second goal was crucial after his team had been regularly overrun in midfield during the opening half. Belgian coach Luc Eymael has transformed Stars from central town Bethlehem into title challengers after many of his predecessors waged struggles against relegation.Maritzburg United snapped a run of losses in all competitions against SuperSport United by forcing a 0-0 draw in Pretoria thanks to many saves from Ghana goalkeeper Richard Ofori.Share on: WhatsApp “Scoring so early in the second half was a blessing for us because clever Chiefs tactics meant we found ourselves outnumbered in the middle of the field for much of the first half.”Chiefs coach Steve Komphela remains trophy-less well into his third season with the club and is sure to face renewed public and media calls to quit after the derby defeat.“Pirates’ second goal killed us,” he admitted. “It boosted their morale, deflated us a little and we had to reshuffle.“It was a good game for neutrals, a good game for the crowd, but a bad result for my team and I.”Ghanaian Mohammed Anas, who went viral last year after thanking his wife and girlfriend in a post-match interview, scored two late goals to give Free State a 2-1 win at bottom club Platinum Stars.center_img Luvuyo Memela celebratesJohannesburg, South Africa | AFP | Soweto derby debutant Luvuyo Memela came off the bench to score twice and hand Orlando Pirates a pulsating 3-1 South African Premiership victory over greatest rivals Kaizer Chiefs Saturday.Memela was introduced for the second half before an 84,000 crowd at the Soccer City stadium and scored within 30 seconds to put Pirates ahead for the second time.His second goal on 74 minutes sealed maximum points for the Buccaneers and kept them hot on the heels of leaders Mamelodi Sundowns in the title race.last_img read more

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Rookie Le’Veon Bell joins crowded Steelers backfield

By on August 12, 2020

first_imgPittsburgh Steelers rookie running back Le’Veon Bell (26) runs a play past strong safety Troy Polamalu (43) at practice during NFL football training camp at the team training facility in Latrobe, Pa. on Monday, July 29, 2013. (AP Photo/Keith Srakocic)LATROBE, Pa. (AP) — Mike Tomlin tried to sound resolute. The look on his face however, suggested otherwise.Asked if he was sending a message by having rookie running back Le’Veon Bell take snaps with the first team at the end of his third practice as a professional football player earlier this week, the Pittsburgh Steelers coach failed to fight back a smile as he answered.“None,” Tomlin said before quickly adding “but I’m sure you guys will run with it so go ahead.”Hey, why not?The battle for the right to replace the departed Rashard Mendenhall has been simmering since the moment the Steelers selected Bell with the 48th overall pick in the NFL draft. Even though the team signed restricted free agents Jonathan Dwyer and Isaac Redman to one-year tenders, there’s little doubt the 21-year-old Bell has a future lining up behind quarterback Ben Roethlisberger.Redman and Dwyer are simply hoping to hold off that future for as long as they can. The duo combined for 1,033 yards while splitting carries with Mendenhall in 2012 but couldn’t stay healthy, leaving their ability to become a true feature back in question.Each worked aggressively in the offseason to shed weight, hoping slimmer waistlines would lead to a heavier workload. Dwyer estimates he dropped 25-30 pounds while Redman cut 15 pounds off his 6-foot frame.“This is definitely the best shape I have ever been in since I have been in the league,” Dwyer said. “I just want to continue to be like this the rest of my career.”A career that will likely continue elsewhere next season if he fails to gain any traction this fall. The same goes for Redman, who rushed for a 121 yards in a loss to Denver in the playoffs two years ago and has shown flashes of brilliance but can’t seem to stay out of the training room.The issue isn’t necessarily production, but persistence. Every step forward for both players has been met by a step back. Dwyer posted consecutive 100-yard games last October only to go down with a hamstring injury. Redman responded by piling up a career-high 147 yards in a victory over the Giants but was ineffective a week later against the Chiefs and collected just 26 carries total over the final seven games.Dwyer wasn’t the same after his hamstring healed. A pair of ill-timed fumbles didn’t help matters. While the Steelers hardly batted an eye when the enigmatic Mendenhall opted to sign with Arizona in free agency, they also left little doubt Redman and Dwyer little wiggle room when they picked up Bell in the second round in April.Bell is younger, taller (6-2) and more versatile than either of the two players he’s competing again. In addition to leading the nation with 383 carries last fall at Michigan State, he also caught 32 passes. After spending most of the last four years sending Mendenhall on the field on first and second down and bringing him out in true passing situations, Bell gives the Steelers a well-rounded option.One that is humble but well aware of the expectations.“I’m just going to compete,” Bell said. “I’ve been competing from day one. Just make those other guys better, make the other running backs better, and at the same time they’re going to make me better. I’m going to help this team the best that I can and get a Super Bowl.”Bell played at around 245 pounds during his final year at Michigan State but arrived at Saint Vincent College more than a dozen pounds lighter. His height has him resemble something more akin to a safety than a feature back and there’s more than a little bit of tenacity beneath his shoulder pads.Each year, in full gear includes a “back on backers” drill that pits a running back and a linebacker against each other designed to simulate what happens when a back is required to pick up a blitz. On Monday Bell found himself lined up against first-round pick Jarvis Jones. Four times Jones hurtled his 245-pound frame at Bell. The fact they fought to a draw didn’t go unnoticed.“I’m sure they’ll continue to see more of each other,” Tomlin said.At least in camp. Things could change in the regular season if Bell and Jones both work their way into starting roles since the guys at the top of the depth chart typically practice against the backups.While Tomlin appears to be impressed by Bell’s quick grasp of the offense, he is serious when he says he’ll wait to see how things play out before anointing a starter for Week 1 against Tennessee.Then again, if Tomlin has his way, he won’t have to name one. It’ll become self-evident.“You would like a known feature guy,” he said. “I think everybody is of that mentality, but it’s got to be something that’s taken by someone. “ Pittsburgh Steelers running back coach Kirby Wilson moves a blocking sled at practice during NFL football training camp at the team training facility in Latrobe, Pa. on Monday, July 29, 2013. (AP Photo/Keith Srakocic)Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL___Follow WillGraves on Twitter at https://twitter.com/WillGravesAPlast_img read more

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COVID-19 Update: Federal Funding, Free Local Testing

By on August 4, 2020

first_imgThe Monmouth County Board of Chosen Freeholders held a press conference to announce the kick off of the county’s COVID-19 testing program, in coordination with the Grunin Foundation, to offer free testing in densely populated municipalities. Photo courtesy Monmouth County Freeholders Murphy said that under McConnell’s plan, there would be “zero flexibility” for states to receive any additional funding amid the ongoing COVID-19 pandemic. In the first round of federal funding under the CARES Act’s coronavirus relief fund, the state received $2.4 billion. “We cannot fully support our districts in their plans for the upcoming school year without help from Washington,” said the governor. “We are staring directly at a $1 billion cut in aid to our public schools and we’ll have to further cut operating aid to our struggling colleges and universities which, by the way, have already cut by nearly $200 million,” he said.  NEW JERSEY – Gov. Phil Murphy began his Wednesday afternoon press conference with strong criticism of U.S. Senate majority leader Mitch McConnell’s proposed stimulus bill, calling it “a slap in the face of every governor across the country.” By Allison Perrine Additionally, Murphy reviewed updates to the list of states on the travel advisory; anyone returning or visiting from a state on the list should self-isolate for 14 days. It now includes 31 states, up from 22 states last week. Newly added are Alaska, Delaware, Indiana, Maryland, Missouri, Montana, Nebraska, North Dakota, Virginia and Washington. As of Wednesday, July 22, the total cumulative number of positive COVID-19 cases statewide reached 177,645 with 13,787 total lab-confirmed deaths and 1,920 suspected related deaths. The daily positivity rate reached 2.48 percent as of July 18. “What New Jersey has gotten back is a drop in the bucket compared to our needs,” he said. “Because of the pandemic, we are undergoing a historic fiscal crisis, the likes of which has only happened twice in our state’s 244-year history,” during the Civil War and the Great Depression. Through this partnership, free COVID-19 testing is available in Asbury Park, Freehold Borough, Keansburg, Neptune, Long Branch and Red Bank. Anyone interested can simply walk up to the site and get tested; no appointment is needed. Tests will be offered six days a week and will rotate from town to town, Murphy said. More information is available at visitmonmouth.com. “Whether it’s in Monmouth County or your county, we have the testing capacity. The turnaround time to get your results is the challenge,” he said. “That’s a national challenge. But the capacity in this state is as good as any capacity in any state in America.” “We continue to ask everyone who has been in one of these 31 impacted states to practice self-responsibility and good citizenship, and comply with our travel advisory,” said Murphy. He encouraged everyone to get tested if they feel symptomatic or think they may have been exposed to the virus, especially with free testing now available thanks to Monmouth County government and the Grunin Foundation. At the same time, the state cannot ignore its current needs to meet “sharply increased costs” for things like emergency response, public transit, small business aid and school funding, which Murphy said is “especially critical.” In May, the governor’s office predicted having a $9.9 billion budget deficit by June 2021. Similarly, the nonpartisan Center for Budget and Policy Priorities estimates that states nationwide “are staring down a combined hole of $555 billion” by fiscal year 2022, said Murphy. He said New Jersey has already dipped into its “rainy day fund” to get through the next two months and has directed all state departments to plan for 15 percent budget cuts this fall. According to Murphy, the advisory applies to anyone traveling from a state with a positive test rate over 10 per 100,000 residents or a state with a 10 percent or higher positivity rate over a seven-day average. The article originally appeared in the July 23 – 29, 2020 print edition of The Two River Times.last_img read more

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Heroes rise as athletics fuels Philippine gold drive

By on November 30, 2019

first_imgUPLB exempted from SEA Games class suspension LIST: Class, gov’t work suspensions during 30th SEA Games Mark Harry Diones, who won silver for men’s triple jump event, Anthony Beram, who won gold in men’s 200 meters, and Aries Toledo also won gold in Men’s Decathlon, in the Southeast Asian Games in Kuala Lumpur on Wednesday night. INQUIRER/ MARIANNE BERMUDEZKUALA LUMPUR— Athletics continues to lead the way or Team Philippines in the 29th Southeast Asian Games here, with four gold medals already in the bag.One of those golds came from someone who would be comfortable being labeled either a jock or a nerd.ADVERTISEMENT SEA Games: PH’s Alisson Perticheto tops ice skating short program Born to a Filipino mother from Cebu City, Beram worked to obtain dual citizenship to be able to represent the Philippines here.Beram shocked the field with a gold medal performance in the 200m dash. He was to see action in 400m and relays in the coming days.READ: Tabal delivers first gold medal for PH, rules women’s marathon“The hard work paid off,” said Beram. “This is only the beginning.”Toledo also proved himself a hero at Bukit Jalil National Stadium, gritting through pain to emerge victorious.“I did everything I needed to do even if I was hurting all over—my back, my arms (during the javelin throw) and my whole body,” said Toledo in Filipino. “I told God to help me because I wanted to come through for the Philippines.”The 24-year-old Toledo, who hails from Nueva Ecija, finished with 7,433 points to snare the gold.Also winning gold for athletics were Mary Joy Tabal, who captured the country’s first victory when she ruled women’s marathon, and Eric Cray, in 400m hurdles. LATEST STORIES WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding Read Next Catriona Gray spends Thanksgiving by preparing meals for people with illnesses Brace for potentially devastating typhoon approaching PH – NDRRMC View comments Filipino athletes share their expectations for 2019 SEA Games PLAY LIST 03:04Filipino athletes share their expectations for 2019 SEA Games01:27Filipino athletes get grand send-off ahead of SEA Games03:07PH billiards team upbeat about gold medal chances in SEA Games00:50Trending Articles01:35Panelo suggests discounted SEA Games tickets for students02:49World-class track facilities installed at NCC for SEA Games05:25PH boxing team determined to deliver gold medals for PH00:45Onyok Velasco see bright future for PH boxing in Olympics02:25PH women’s volleyball team motivated to deliver in front of hometown crowd MOST READ SEA Games in Calabarzon safe, secure – Solcom chief SEA Games: PH’s Lois Go settles for bronze in Ladies’ golf Don’t miss out on the latest news and information. Trenten Anthony Beram, who ruled the 200-meter sprint late Wednesday night, is a math major at University of Connecticut back in the United States.READ: SEA Games: PH athletics team delivers 2 golds before day’s endFEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutBut Beram’s academics temporarily took a back seat to athletics as he helped save the day for Team Philippines, which was headed to a gold-less outing late Wednesday until Beram and decathlete Aries Toledo reeled in a victory each.“I knew that I was coming in as a rookie; nobody knows me so it is good to put my name out there,” said Beram. “I though top three (in the men’s 200) would be good so winning the gold is a bonus,” added Beram, who crossed the finish in 20.96 seconds.While most athletes based abroad are recruited, Beram is a certified “walk-in.”READ: SEA Games: Cray strikes gold in 400m hurdles He reached out to the Philippine Track and Field Association wanting to join its weekly relays.“He went straight to us and inquired how to go about playing for Philippine team,” said athletics official Edward Kho.ADVERTISEMENT LOOK: Venues for 2019 SEA Gameslast_img read more

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Biometric attendance in colleges of Pb technical edu dept

By on November 19, 2019

first_imgChandigarh, Apr 17 (PTI) The Punjab government today announced to introduce biometric attendance system in all the colleges and industrial training institutes run by the state Technical Education department.The announcement was made by Punjab Technical Education and Industrial Training Minister Charanjit Singh Channi while presiding over the first review meeting of the department here.He said the biometric system would be introduced both for the staff and students which would be directly connected with the head office.”The state government would launch a scholarship scheme for meritorious students interested in studying in government polytechnic, engineering colleges and industrial training institutes (ITIs),” Channi said.He said the scheme will also be applicable for outstanding sports students.In a stern message to all the officials, the minister said corruption and favoritism would not be tolerated at any level in the department and all promotions would be based on performance.He said the state-run institutes should focus on providing job orientated quality education based on the present and future needs of the global industry.He also asked the heads of the department to make extra efforts to tie up with big industrial units and multinational companies at their levels for the placement and practical training of students.Announcing zero tolerance towards copying in exams, Channi said along with the erring students, the examiners concerned will also be held responsible.”The answer sheets of students seeking revaluation would be put on the department website and if a difference of more than 10 per cent is found in the revaluation cases, action will be taken against the examiner,” he said.advertisementThe Congress leader asked the senior officials to inspect all polytechnic, engineering colleges and ITIs regularly and submit their performance reports to him.He said the internal gradation system for the department institutes would be put in place and those performing well would be rewarded and action would be taken against non-performers.The minister also announced annual state awards for three best performing principals and teachers each of the institutes of the technical education department. PTI CHS SRYlast_img read more

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a month agoMan Utd hero Scholes: Sell Pogba – he’s not a big loss!

By on October 28, 2019

first_imgAbout the authorFreddie TaylorShare the loveHave your say Man Utd hero Scholes: Sell Pogba – he’s not a big loss!by Freddie Taylora month agoSend to a friendShare the lovePaul Scholes says Manchester United will not miss Paul Pogba. The World Cup winner wants to leave the club from Real Madrid.Red Devils legend Scholes thinks the club could deal with losing the talented midfielder.”I think it’s quite clear he wants to move on,” said Scholes, a 13-time Premier League winner.”He wanted to go to Real Madrid, for whatever reason it didn’t happen.”I wouldn’t be surprised if the same offer had been made like with Cristiano when he was at United.”If they’ve asked him to stay for a year we’ll see what happens, but I don’t think he’ll be a big loss to United.”I don’t think his form has been great anyway, over the two or three years he’s been there. I’m sure there are more players who can do just as good a job.” last_img read more

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Jet defaults for 3rd time this time to debenture holders

By on October 12, 2019

first_imgMumbai: Jet Airways Monday defaulted on payment to its debenture-holders—the third default since January—even as airline chairman Naresh Goyal assured the employee of a resolution in the immediate possible time, but said more time is needed to clinch bailout. Goyal, in a letter to the 16,000 staff, which comes ahead of the domestic pilots body National Aviator’s Guild annual meeting here, said talks with the airline’s strategic partner Etihad Airways and SBI-led lenders are going on. Though Goyal sought more time to clinch the deal, he did not offer a time-line for the same. The UAE flag carrier owns 24 percent in Jet and its board is considering a draft agreement as part of a debt- recast plan being mooted by the airline’s lenders led by SBI. Earlier, Jet informed the exchanges that “the payment of interest due on March 19 to the debenture-holders will be delayed owing to temporary liquidity constraints.” This is the third time the airline is defaulting in this year as earlier it failed to meet its payment obligations towards the domestic banks’ loans (in January) as well as on part-repayment of its external commercial borrowings due to liquidity crunch earlier this month. The airline, which has a debt of over Rs 8,200 crore, did not specify what is the quantum of interest due Tuesday nor quantum of the debt on this particular account. On February 14, its board had approved a bank-led- resolution plan, whereby the SBI-consortium of lenders will become the largest shareholders in the airline and Goyal would exit the management as the chairman and board member. If the resolution plans goes through, banks would convert a part of their debt into 11.4 crore shares for a consideration of Re 1 as per the RBI norms. Last week, SBI sounded hopeful of reaching an early solution by this week. In his letter to the employees, Goyal said, “the situation, though complex, has my personal attention towards an early resolution…the complexity of the process though has led to some delays and will require further time to conclude.” “Once again I assure you that I am personally committed to have the resolution process completed as soon as possible and restore the much-needed stability to our operations at the earliest,” he said. Since a larger number of planes from its over 100- fleet are grounded leading to drastically curtailed operations, the airline is struggling to prevent a nose-dive somehow. Of this as many as 41 aircraft are grounded for non- payment of lease rentals to lessors. Following this, the airline has indefinitely suspended its operations from Abu Dhabi, one of its two global gateways the other being one in Amsterdam. Jet Airways has been struggling to mop up cash to carry out operations. While discussions with the lessors continue, Goyal said as a responsible airline, Jet has “consciously” and “proactively” decided to curtail its schedule according to the number of aircraft it is currently operating. “This will ensure the sanctity of our schedule, while keeping the regulatory authorities briefed,” said Goyal, who set up the airline after converting his airline ticketing business a quarter of a century ago. For the past few weeks, its passengers have been venting their ire on social media as its flight cancellations have increased gradually due to rising number of planes getting grounded. On the non-payment of salaries to pilots along with senior management and engineers, Goyal said he is fully committed to ensure that their dues are cleared on priority once all parties sign on the resolution plan. The pilots with other senior staff are to get their full salaries of January and February besides 87.5 percent of the December pay. “We are holding our annual meeting Tuesday. During the meeting, besides discussing our general issues, we will also be deliberating on the present scenario (non-payment of salaries),” a source said earlier in the day. Having failed to get any assurance from the management on payment of overdue salaries, the pilots body last week wrote to Union labor minister Santosh Gangwar, seeking his intervention in recovering their dues along with the accumulated interest. The acute liquidity crunch has forced it to ground aircraft, shut down stations and delay salary payments to its pilots and engineers along with other senior staff. It has grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41. “… an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements,” the airline said in a filing to the stock exchanges. According to the company, as mentioned earlier, it is actively engaged with all its aircraft lessors and are regularly providing them with updates on the efforts taken to improve the liquidity. “Aircraft lessors have been supportive of the company’s efforts in this regard,” it said, adding that all efforts are being made to minimise disruption to its network.last_img read more

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SBI seeks bids for cashstrapped Jet Airways last date is April 10

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first_imgMumbai/ New Delhi: State Bank of India (SBI) Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice. SBI Capital Markets would be assisting and advising the lenders on the bid process. The bids have to be submitted by April 10. Also Read – Thermal coal import may surpass 200 MT this fiscalThe lenders’ consortium has taken control of the airline under a debt recast plan. Under the debt resolution plan approved by the Jet Airways’ board on March 25, lenders have taken a majority stake in the airline and are set to infuse Rs 1,500 crore. Besides, the carrier’s founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals has come down to 25 per cent from 51 per cent earlier. As per the advertisement, the airline has availed various credit facilities aggregating over Rs 8,000 from a consortium of domestic lenders led by SBI. The company has subsequently come under stress and not been able to service its debt obligations in relation to the facilities. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostAcute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots. The consortium has proposed to offer at least 3.54 crore shares of the airline comprising 31.2 per cent of equity share capital of the company and up to a maximum of 8.51 crore shares comprising 75 per cent on fully diluted basis subject to approval, it said. “Bidders shall bear all costs associated with the preparation and submission of the EOI. The lenders or authorised representative shall not, under any circumstances be responsible or liable for any such costs in this regard, whether direct, incidental or consequential,” it added. It further said that the bidders can be strategic investors (SIs) and/ or financial investors (FIs). “SIs may include body corporates having experience in similar sectors with domestic or global experience or both. FIs may include private equity funds, investment funds etc,” it said. SIs should have a minimum three years of experience in commercial aviation business. In the event the bidder is a consortium, it should consist of not more than three members with shareholding of an individual member not being less than 15 per cent and should also have a lead member. Last week, the lenders said they would pursue resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework. “The lenders are cognisant that the outcome of efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company,” the statement issued by lenders had said.last_img read more

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