In the ongoing crisis involving the now-grounded Jet Airways with no clear bidder for the debt-laden airline, the SBI Chairman Rajnish Kumar is expected to meet with Aviation Secretary in Narendra Modi's new government that is on its second term.
Lenders of Jet Airways, led by State Bank of India (SBI), were reported to likely take a final decision on the fate of the now-grounded airline in the next two weeks, a media report said.
The grounded carrier shuttered its operations on 17 April and the lenders, led by SBI, are still scouting for investors to revive the airline, which has a debt burden of more than Rs 8,000 crore. While founder Naresh Goyal and his family own 51 percent of Jet Airways, 31.2 percent have been pledged with the lenders.
According to Mint, lenders are yet to receive a formal offer from the Hinduja Group, which had recently said it was evaluating the opportunity to invest in the airline. The report added that lenders have agreed to take a significant haircut and any new investor is expected to seek anywhere between 80 percent to 90 percent haircut from the banks.
According to Moneycontrol, talks between Etihad Airways, the Hinduja Group, and London-based AdiGro Aviation to revive Jet Airways have entered a crucial phase. The report, citing sources, said lenders are now flexible while restructuring Jet Airways' over Rs 8,000 crore debt.
01/06/19 First Post
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