Mumbai: A day after Jet Airways suspended all its flights, lenders to the grounded airline on Thursday said that the bidding process for the airline will be able to determine “fair value of the enterprise in a transparent manner”. They said that the binding bids from potential investors are the best way forward for the survival of the airline.
“The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI and have been issued bid documents on April 16. Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner,” the statement from Jet Airways lenders said.
A consortium of 26 lenders led by the SBI, with 51 per cent stake in the cash strapped airline, had invited bids from potential suitors and had selected Etihad Airways, National Investment and Infrastructure Fund, TPG Capital and Indigo Partners as qualified bidders. SBI Capital Markets has the mandate for Jet Airways' sale. The bids received for Jet Airways will be opened on May 10.
On Monday, the airline’s lenders, led by State Bank of India (SBI) declined to extend emergency funds of Rs 400 crore to keep Jet afloat, forcing it to suspend all its flights.
The debt-ridden airline on Wednesday had informed the stock exchanges, the Directorate General of Civil Aviation and the Ministries of Civil Aviation and Finance and other government institutions about its decision to suspend all its operations, domestic as well as international.
19/04/19 Falaknaaz Syed/Asian Age
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“The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI and have been issued bid documents on April 16. Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner,” the statement from Jet Airways lenders said.
A consortium of 26 lenders led by the SBI, with 51 per cent stake in the cash strapped airline, had invited bids from potential suitors and had selected Etihad Airways, National Investment and Infrastructure Fund, TPG Capital and Indigo Partners as qualified bidders. SBI Capital Markets has the mandate for Jet Airways' sale. The bids received for Jet Airways will be opened on May 10.
On Monday, the airline’s lenders, led by State Bank of India (SBI) declined to extend emergency funds of Rs 400 crore to keep Jet afloat, forcing it to suspend all its flights.
The debt-ridden airline on Wednesday had informed the stock exchanges, the Directorate General of Civil Aviation and the Ministries of Civil Aviation and Finance and other government institutions about its decision to suspend all its operations, domestic as well as international.
19/04/19 Falaknaaz Syed/Asian Age
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