Prospective bidders of struggling Jet Airways Ltd need to settle the airline...
SINGAPORE/NEW DELHI - Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India said in a statement on Monday.
In a notice on its website, SBI Capital Markets, a unit of SBI, said that prospective bidders are required to submit expressions of interest for up to 75 percent stake in debt-laden Jet by 6 pm local time on April 10. Jet’s lenders, under the proposed bailout terms, would hold just over 50 percent of the airline, its founder and former chairman Naresh Goyal would hold 25.5 percent and Jet’s second-largest shareholder Etihad Airways’ stake would be 12 percent.Jet, saddled with more than $1.2 billion of debt, owes money to banks, lessors, suppliers and pilots. It has been forced to ground more than three-quarters of its fleet of 119 planes, leading to hundreds of flight cancellations.
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