Some Jet Airways loyalty points can be redeemed. India's second-largest airline is in desperate need of cash after another quarterly deficit. It outlined a broad list of proposed remedies, including dipping into its frequent flyer programme for funding in some way. That won't fix the problem with the engine, but it might help smooth out some of the short-term business turbulence.

Naresh Goyal's airline, like others in one of the world's fastest-growing aviation sectors, has been hit hard by rising fuel prices and a weak rupee in recent months. Jet's costs are high when compared to competitors, yet fierce competition keeps prices low for everyone. Worse, according to ICRA, it has $445 million in debt repayments due this fiscal year.It's not all doom and gloom. Fares remained relatively steady, and excluding fuel, expenses fell marginally. Jet, on the other hand, has taken steps toward recuperation. Although the firm hinted at pricing changes and $285 million in cost cutbacks over two years, the details are scarce. But it's also looking towards a more inventive solution: collecting extra money from its 8.5 million Jet Privilege members. Other airlines have found ways to maximise the value of frequent flyer miles, though doing so without jeopardising marketing advantages and consistent income sources is difficult. Jet's majority shareholder, Etihad Airways, owns 50.1 percent of Jet Privilege, making it difficult to sell much more to interested parties such as Blackstone and TPG, which have been mentioned in local media as potential new investors. More support might come from bringing on a new financial partner or increasing deals with existing partners. Citigroup, for example, pre-purchased $1 billion in bonds to bail out American Airlines in 2009. However, a partial sale will not solve Jet's problems. Based on the above discussion, analyse the issue and opine.