No bidders yet for Jet Airways, staff consider bankruptcy proceedings
Former top Indian private airline forced to stop flights as lenders deny it funds to keep going
New Delhi/Bengaluru — Potential bidders for Jet Airways have reportedly not shown any firm interest in bailing out the struggling airline, increasing the chances of 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 an informed source. Another 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 in April by lead lender State Bank of India (SBI). Both sources, speaking on Thursday, declined to be identified because the talks are not public. Jet, saddled with roughly $1.2bn in bank debt, and SBI did not respond to requests for comment. Earlier on Thursday, The Economic Times, citing sources, reported that three of the four qualified bidders — Et...
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