The Indian company Jet Airways remains in an air pocket

(Reuters) – Jet Airways Ltd (JET.NS) was directly blown away by a storm, which resulted in a major setback for India's largest full-service airline, which could disrupt the country's aviation sector.

Jet, whose debt exceeded 80 billion rupees ($ 1.12 billion) at the end of September, is gradually losing market share to its competitor, IndiGo, a low cost carrier, which belongs to InterGlobe Aviation Ltd (INGL.NS).

For an interactive chart of the major Indian airlines by market share, click on – tmsnrt.rs/2S3rKqG

Etihad Airways, the second largest shareholder in the Jet group, based in Abu Dhabi, is currently in talks with creditors for an agreement that could help the airline get back on its feet.

Here are some major developments in Jet's history:

August 1, 2018 – According to media reports, Jet has asked employees to cut wages by 25% as part of a cost-cutting measure

August 3 – Jet denies stating she can not fly more than 60 days and rejects stake badumption

August 9 – Airlines postpone meeting for first quarter results

August 11 – After the State Bank of India (SBI.NS) says that Jet's loan is on the bank's watch list, Jet declares that its payment obligation is regular for all banks

August 13 – The airline reiterates that it is considering various options to meet its financing needs

August 20 – Sources told Reuters private equity firm TPG Capital plans to invest in Jet, but was not about to finalize an agreement

August 27 – Jet announces loss for the June quarter and announces an injection of funds and a cost reduction of more than 20 billion rupees in two years

September 6 – Jet claims to have paid salaries to 84% of its employees after reports that pilots have warned pilots not to cooperate for lack of pay

October 4 – The ICRA rating agency re-evaluates the company's long-term loans and NCDs here, citing the impact of the sharp increase in fuel prices, the depreciation of the rupee, the delay in the implementation of liquidity initiatives

October 18 – A report indicates that Indian conglomerate Tata Group is in talks to acquire a stake in Jet. The report on Jet calls is "speculative"

October 30 – Delta Air Lines Inc., based in the United States (DAL.N) expresses interest in acquiring a stake in Jet from promoters Naresh Goyal and Etihad Airways

November 5 – The report indicates that Tata plans to buy the 51% of the airline owned by Naresh Goyal and the 24% stake in Etihad Airways, and merge Jet with Vistara.

November 12 – Jet records third consecutive quarterly loss, Managing Director Vinay Dube expresses confidence in overcoming current challenges

Nov. 13 – Tata Sons starts due diligence to buy Jet, according to reports

• A Jet executive says the company is in talks with several parties to sell its stake in its loyalty program and its equity stake in the airline.

November 15 – Stocks move up nearly 25% after the debt-laden airline approached a rescue deal with Tata Sounds. another report indicates that the Indian government asked Tata to explore Jet's purchase

November 16 – Tata Sons says the discussions on Jet are preliminary and that no proposal has been made

November 22 – Independent director Ranjan Mathai resigns, citing increasing pressure from other commitments

December 3 – Jet announces the cessation of the supply of free meals to most of the country's economy-clbad pbadengers starting in January, in its latest move to cut costs and increase revenues.

December 5 – Jet and Etihad Airways engage in bailout talks with Jet bankers, sources told Reuters

December 6 – Jet announces to its pilot union that it will wipe out all employee dues by April, a Reuters source told Reuters

December 7 – ICRA once again cuts Jet's rating, citing delays in the implementation of liquidity initiatives proposed by Jet's management

December 14 – Goyal's penchant for control has emerged as a major hurdle as the airline tries to negotiate a bailout deal, told Reuters several people who have worked closely with him or know him over the years.

January 2, 2019 – Airline says it delayed payment to a consortium of Indian banks led by SBI; ICRA further reduces its rating

January 10 – Jet proposes to creditors to make up the arrears of debt payment by September and to accept from April the payments of the debt to their maturity, according to a document seen by Reuters.

January 11 – Three aircraft companies have been encouraged to explore the possibility of taking Jet aircraft, three people told Reuters about the situation. Etihad is "not able to place new shares in Jet at this point," says a person familiar with Etihad's position.

January 14 – Jet shares jumped more than 18% after the report and founder, President Naresh Goyal, pulled out of the board and gave up majority control.

January 15 – Etihad Airways plans to increase its stake in Jet, told Reuters a person close to the carrier of Abu Dhabi.

January 16 – Jet states that lenders are discussing a plan for a cash injection by stakeholders and changes to the board of directors. The TV channel reports that Etihad has proposed to buy Jet shares with a 49% discount and immediately release $ 35 million.

Jan. 17 – The main creditor, SBI, said Jet's lenders were considering solving its debt problems, while Goyal was ready to invest Rs 7 billion in the airline and pledge all its shares, but wishing to keep 25% of the capital.