Thursday, May 02, 2019

No bidders yet for India's Jet Airways, staff consider bankruptcy proceedings

New Delhi/Bengaluru: Potential bidders for Jet Airways Ltd have so far failed to show any firm interest in bailing out the struggling airline, a source involved in the matter said, increasing the likelihood that the company will face bankruptcy proceedings.
Jet, once India’s largest private airline, was forced to stop all flight operations on April 17 after its lenders declined to extend more funds to keep the carrier going.

“Companies that had submitted initial expressions of interest are not following up with binding bids,” said the source.

A second source involved in the process said bidders had until May 10 to come up with binding offers, a few days later than the April 30 date indicated by lead lender State Bank of India (SBI) last month.

Both sources, speaking on Thursday, declined to be identified because the talks are not public.
Jet, saddled with roughly $1.2 billion of bank debt, and SBI did not respond to emails seeking comment.
02/05/19 Reuters

To Read the News in full at Source, Click the Headline


Post a Comment