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Jet Airways shutdown: Lenders express hope of successful bidding process for stake sale

A consortium of 26 lenders led by State Bank of India, with 51 per cent stake in the debt trapped airline, has invited bids from potential suitors

twitter-logo PTI   New Delhi     Last Updated: April 18, 2019  | 08:54 IST
Jet Airways shutdown: Lenders express hope of successful bidding process for stake sale
Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner.

Jet Airways lenders Thursday 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 per cent 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 Wednesday rejected an immediate Rs 400 crore demand of Jet Airways compelling it to ground operations.

Also read: Jet Airways' temporarily shutdown a setback for Indian aviation: Air India chief Ashwani Lohani

Also read: Jet Airways shutdown: Value of JPMiles 'secure and intact', says Jet Privilege

Also read: Cash-strapped Jet Airways to suspend operations from tonight

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