Jet Airways: Lenders reasonably hopeful of successful bidding process for stake

Jet Airways lenders on April 18 said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations. The announcement from the lenders came early morning ahead of market opening.

“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 (Expression of Interest) and have been issued bid documents on April 16,” a statement said. A consortium of 26 lenders led by State Bank of India (SBI), with 51% stake in the debt-trapped airline, has invited bids from potential suitors.

“Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner,” it said. Banks on on April 17 rejected an immediate ₹400 crore demand of Jet Airways compelling it to ground operations.