Jet airways creditors mull interim financing for revival

The committee of creditors (CoC) of Jet Airways held its first meeting on Tuesday and sources stated that the lenders discussed providing interim financing for revival of the airline and inviting bids for its sale by Saturday. Bids could be invited by July 20 and are expected to be submitted by the first week of August, a source said.

“Interim financing was discussed in the meeting. The lenders will also decide by Friday on the eligibility criteria for bidders of the airline, including the net worth criteria. Grant Thornton has provided two options for minimum net worth criteria,” the source said, adding that the CoC is working to fast-track the process.

The financial creditors will decide on various other issues including the ratification of SBI Capital Markets as advisor for the sale process. SBI Capital Markets was earlier handling the sale process of Jet Airways.