Reasonably Hopeful On Jet Airways Bidding Process, Say Lenders

Reasonably Hopeful On Jet Airways Bidding Process, Say Lenders

Jet Airways' group of lenders said on Thursday that they are “reasonably hopeful that the bid process is likely to be successful”. The statement from the lenders' group, led by State Bank of India (SBI), came a day after the airline suspended all its flight operations indefinitely. Jet Airways - once India's largest private airline - took the decision to stop flying on Wednesday evening after the SBI-led group declined to release emergency funds for the carrier. Saddled with a debt pile of more than Rs 8,000 crore, Jet Airways is struggling to stay afloat as it owes vast sums to lessors, suppliers, pilots and oil companies.

In its statement on Thursday morning, the consortium of lenders said: “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 16th April.”

The lenders also said that they are hopeful that the bidding process will lead to determining “fair value of the enterprise in a transparent manner”.

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