Jet Airways crisis: Banks extend deadline to submit bids for cash-strapped airline’s stake to 12 April

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Mumbai: Lenders of Jet Airways on Wednesday prolonged the deadline for submission of preliminary bids for stake buy within the ailing airline to 12 April.

Money-strapped Jet Airways has delayed salaries to pilots, defaulted on mortgage repayments in addition to funds to plane lessors.

SBI Capital Markets, which issued Expression of Curiosity (EoI) doc on eight April, has prolonged the deadline for submission of preliminary bids to 12 April. Potential bidders can ship their queries until 11 April.

The deadline for submission of bids was to finish on Wednesday.

 Jet Airways crisis: Banks extend deadline to submit bids for cash-strapped airlines stake to 12 April

Representational picture. Reuters.

“The qualified bidders will be expected to submit their respective binding bid(s) latest by 30 April, 2019 subject to the terms set out under the bid document,” SBI Capital Markets mentioned in a discover posted on its web site.

The SBI-led consortium of home lenders are implementing a debt decision plan for Jet Airways, whose board accredited the plan final month.

“While all soft copies of the EoIs are required to submitted by the EoI due date, the hard copies may be submitted by 16 April, 2019,” the discover mentioned.

Earlier within the day, SBI Capital Markets issued a set of clarifications associated to the EoI doc, together with that bidders in a consortium must furnish solvency certificates individually.

“Bidders are required to provide the solvency certificate … on their letterhead and certified by managing director/full-time director / CEO of the bidder or a person holding an equivalent position in the bidder,” SBI Capital Markets mentioned in a separate discover.

Within the case of a consortium, every member has to submit a solvency certificates, which is proof of an entity’s monetary stability.

As a part of the debt decision plan for the full-service provider, the lenders want to restructure “existing facilities and infusion of funds by way of loans or acquisition/ subscription of up to 75 per cent of equity share capital of the company”.

Shares of Jet Airways declined 1.59 % to shut at Rs 263.40 apiece on the BSE.

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