Jet Airways’ lenders look to sell majority stake in debt-laden carrier
Bidders have until tomorrow to put in offers for beleaguered Indian airline Jet Airways, which is being sold off by its lenders.
Interested parties are required to pay off the airline’s existing debt as part of any deal.
Jet Airways, which was at one time India’s largest privately-owned airline, was recently bailed out by a consortium of lenders led by the State Bank of India.
The consortium is seeking bids for up to a 75% stake from individuals or other consortia made up of up to three companies each.
Bloomberg reports investment firms Blackstone and TPG Capital are among the suitors.
Current investor Etihad Airways also remains in the frame, and may bid to increase its current 24% stake.
There is some speculation Singapore Airlines, perhaps through its existing Indian joint venture Vistara, Lufthansa, and a Delta Air Lines-Air France-KLM consortium are also mulling a bid.
The lenders said other options are on the table if the stake sale ‘does not result in an acceptable outcome’.
Jet Airways has been forced to ground planes and cut services, including flights from Manchester, due to its financial crisis. It owes millions in payments to lenders and its own staff.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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