The turbulent journey of India's Jet Airways

Jet Airways Ltd JET.NS , the biggest full-service carrier in India, has been under dark clouds for the past few months.

While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd INGL.NS and SpiceJet Ltd SPJT.BO , Jet Airways is in a league of its own.

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

The Tata conglomerate is now likely to be the potential white knight for the debt-laden company, but no proposal has been made yet. Here's how the story unfolded:

May 3 – Jet shares fall 12.3 percent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier 23 - Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that 'may create uncertainties' 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale 9 – Airline defers board meet for first-quarter results Aug 11 – After State Bank of India SBI.NS chairman says Jet's loan is on the bank's watch list, Jet says it is regular in payment obligations to all banks 13 – Airline reaffirms that it is considering various options to meet its funding requirements 15 – Report says U.S. private equity firm Blackstone (NYSE:BX) Group LP BX.N is in talks to buy a stake in Jet's frequent-flier loyalty programme JetPrivilege 20 - Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years 4 – Government plans relief package for airlines 6 – Jet says it paid salaries to 84 percent of its employees after reports emerge that pilots warned 'non-cooperation' over salary default 20 – Income Tax department conducts survey at Jet's premises Over two dozen passengers on a Jet flight are treated for minor injuries after the plane loses cabin pressure 4 – Rating agency ICRA (NS:ICRA) downgrades https://www.icra.in/Rationale/ShowRationaleReport/?Id=73861 the company's long term loans and NCDs, citing impact of steep increase in jet fuel prices, rupee depreciation, delay in implementation of liquidity initiatives

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report "speculative" 30 - U.S.-based Delta Air Lines Inc (NYSE:DAL) DAL.N expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways 5 – Report says Tata aims to buy the 51 percent stake in the airline owned by Naresh Goyal, and Etihad Airways' 24 percent stake, and merge Jet with Vistara 12 – Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challenges 13 – Tata Sons begins due diligence to buy Jet, reports say Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline 15 – Shares surge nearly 25 percent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made 20 – Tata Sons may go slow on Jet deal after some directors from Tata's board expressed concerns, according to media reports Nov 21 - The airline says news on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative

Nov 22 - Independent director Ranjan Mathai resigns, citing rising pressure from other commitments 26 - Report says Naresh Goyal may hand over Jet Airways ops to Etihad Airways ($1 = 70.4550 Indian rupees)