Jet Airways lenders working on revival, no final decision yet: PNB managing director Sunil Mehta
New Delhi: Lenders to the cash-strapped Jet Airways are dedicated to reviving the air provider however nothing has been finalised but, Punjab Nationwide Financial institution (PNB) Managing Director Sunil Mehta mentioned on Tuesday.
PNB is a part of a consortium of 26 lenders, led by State Financial institution of India (SBI), which have publicity to Jet Airways’ debt of over Rs 8,000 crore.
“Discussions for reviving the airline are underway and nothing has been finalised as of now. SBI Capital Markets is working on the revival package for Jet Airways,” Mehta instructed reporters right here.
On Monday, SBI mentioned the bid course of for the orderly sale of fairness in Jet Airways is presently being run by SBI Caps and is being vetted by the authorized staff and the potential bidders can be shortlisted by SBI Caps shortly.
SBI spokesperson on Monday additionally mentioned, “The bid process for the orderly sale of equity in Jet Airways is currently being run by SBI Caps and is being vetted by the legal team. The prospective bidders will be shortlisted by SBI Caps shortly.”
The lender additionally mentioned the proposed fairness conversion by banks, if any, can be undertaken as a transitory mechanism to facilitate the bidding-cum-sale course of.
SBI is performing on behalf of the group of lenders as a part of the bank-led decision course of.
“Necessary support to facilitate the process is being extended by the banks in the consortium. Cooperation by and support from all the other stakeholders will be the key to the success of the process,” the SBI spokesperson had mentioned.
With no funds coming in from its lenders, the beleaguered Jet Airways needed to lengthen the suspension of its worldwide flights until April 18. Banks had earlier promised to pump Rs 1,500 crore into the airline.
“The interim funding has not been forthcoming thus far, and as a result, we have extended cancellation of international operations through Thursday,” mentioned Jet Airways (India) CEO Vinay Dube in a letter on Monday to the airline’s over 20,000 workers.
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