Jet Airways revival plan: Lenders invite bids for stake sale in airline

The State Bank of India-led consortium on Sunday invited expressions of interest (EoIs) from the likely bidders for control and management of the stressed Jet Airways. Interested bidders are supposed to submit bids starting April 8 and the last date will be April 10. The lenders, who now control the airline under a debt-recast plan, had last Thursday said the bid for the stake sale would be issued on April 6 and end on April 9. Now, there has been a slight delay in that schedule.
SBI is the lead lender to Jet, which has a debt burden of around Rs 8,000 crore.
Under the debt resolution plan approved by the Jet Airways board on March 25, lenders have taken a majority stake in the airline and are set to infuse Rs 1,500-crore funds. The carrier’s founder and promoter Naresh Goyal, as well as his wife Anita Goyal, have quit the board. The shareholding of Goyal has come down to 25% from 51% earlier.