International Development News
Development News Edition
Give Feedback

SBI extends deadline for investors to bid stake in cash strapped Jet Airways


Devdiscourse News Desk New Delhi
Updated: 11-04-2019 12:12 IST
SBI extends deadline for investors to bid stake in cash strapped Jet Airways

A Jet Airways flight from Amsterdam to Mumbai was stopped from taking off at the Schiphol Airport by a European cargo company due to outstanding bills.

SBI Capital Markets has extended the deadline for investors to bid for a controlling stake in beleaguered Jet Airways by two days till Friday. The government-owned investment bank said the revised last date for sending queries is 3 pm on Thursday and expressions of interest (EoIs) will be accepted till 6 pm on Friday (April 12).

"Qualified bidders will be expected to submit their respective binding bid(s) latest by April 30 subject to the terms set out under the bid document," said SBI Capital Markets in a statement. Wednesday was a tough day for the airline as Indian Oil stopped jet fuel supplies for breaching the credit limit agreed upon. Though fuel supplies resumed after some hours, it was the second time that Indian Oil had taken such a decision.

A Jet Airways flight from Amsterdam to Mumbai was stopped from taking off at the Schiphol Airport by a European cargo company due to outstanding bills. Burdened with high operating costs and a huge debt, Jet Airways has been struggling to fly with 26 planes, according to reports. Since January, it has not been able to pay salaries to pilots and maintenance engineers.

Many lessors have taken possession of planes after the airline failed to pay rents. Lenders, led by State Bank of India, took control of Jet Airways in March after its Founder and Chairman Naresh Goyal gave up control to resolve the crisis.

(With inputs from agencies.)

COUNTRY : India

POST A COMMENT