Lenders to Jet Airways are discussing the possibility of forming a consortium between Etihad Airways and two other entities who had submitted unsolicited expressions of interest after the deadline for bidding had expired. This comes after SBI opened the bid submitted by the Etihad on Monday and found it way short of expectations.
“Etihad was the only one to submit a formal bid within the stipulated timeframe but its offer falls short of the lenders’ expectation. This bid alone will not suffice to revive the airline,” said a source close to the development. While SBI did not give any details of the Etihad bid, sources said the Abu Dhabi-based airline is keen to stay on as a minority investor, that too if the lenders are willing to take a massive haircut on the Rs. 14,000-crore debt.
