A TPG Capital-led consortium is evaluating a potential bid for Jet Airways under the IBC (Insolvency and Bankruptcy Code), multiple sources with knowledge of the matter told Moneycontrol.
US private equity firm Apollo Global Management, which specialises in distressed firms, is also keen to strike an alliance with other suitors to bid for the debt-ridden airline. The firm, which has $280 bn of assets under management, has reached out to the Jet employees consortium in this regard, sources added.
Another source told Moneycontrol that a lot hinges on the lenders making JPPL a party to the bidding process.
"TPG Capital is interested in Jet Privilege Private Limited (JPPL), which has better financials compared to Jet Airways, has seen a spike in membership and has shown profits in the past. But the only hurdle is JPPL is an independent entity is not a party to the current insolvency proceedings. The SBI-led lenders' consortium needs to take a crucial call on whether JPPL can be made a party to the bidding process," said a second source.
17/07/19 Ashwin Mohan/Moneycontrol.com
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US private equity firm Apollo Global Management, which specialises in distressed firms, is also keen to strike an alliance with other suitors to bid for the debt-ridden airline. The firm, which has $280 bn of assets under management, has reached out to the Jet employees consortium in this regard, sources added.
Another source told Moneycontrol that a lot hinges on the lenders making JPPL a party to the bidding process.
"TPG Capital is interested in Jet Privilege Private Limited (JPPL), which has better financials compared to Jet Airways, has seen a spike in membership and has shown profits in the past. But the only hurdle is JPPL is an independent entity is not a party to the current insolvency proceedings. The SBI-led lenders' consortium needs to take a crucial call on whether JPPL can be made a party to the bidding process," said a second source.
17/07/19 Ashwin Mohan/Moneycontrol.com
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