Jet may settle with Sahara over failed deal

27th Jun 2006

Jet Airways is considering an early out-of-court settlement with Air Sahara following the failure of their $500 million merger deal, the Economic Times reported, citing unnamed sources.
It said Jet Airways chairman Naresh Goyal has convened an urgent meeting of the carrier’s top management at his London residence to discuss the matter.

The newspaper cited sources as saying that Jet and Sahara have been advised that a protracted legal battle will not benefit either side.

Both Jet and Sahara went to court after the deal collapsed, over money lodged in escrow accounts earlier.

A Sahara group executive was quoted as saying: “Our legal team is working overtime, and it is too premature to talk about out-of-court settlement.”

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