Potential bidders for Jet Airways Ltd have so far failed to show any firm interest in bailing out the struggling airline, a source involved in the matter said, increasing the likelihood that the company will face bankruptcy proceedings.
Jet, once India’s largest private airline, was forced to stop all flight operations on April 17 after its lenders declined to extend more funds to keep the carrier going.
“Companies that had submitted initial expressions of interest are not following up with binding bids,” said the source.
A second source involved in the process said bidders had until May 10 to come up with binding offers, a few days later than the April 30 date indicated by lead lender State Bank of India (SBI) last month.
