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SBI modifies Jet Airways' stake acquisition terms hours before deadline, extends EoI deadline to April 12

aviation | Apr 10, 2019 4:32 PM IST

SBI modifies Jet Airways' stake acquisition terms hours before deadline, extends EoI deadline to April 12

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In a bid to attract more bidders, the State Bank of India (SBI) has modified Jet Airways' stake acquisition terms and extended the deadline for submission of expression of interest (EoI) to 6:00 PM on April 12 from April 10, 2019.

In a bid to attract more bidders, the State Bank of India (SBI) has modified Jet Airways' stake acquisition terms and extended the deadline for submission of expression of interest (EoI) to 6:00 PM on April 12 from April 10, 2019.

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According to revised terms, interested bidders can acquire the ownership of Jet Airways, effect change in control and management and can restructure existing debt and infuse funds by way of loans or acquisition of up to 75 percent equity stake.
Also, in the revised expression of interest terms, the bidder has to provide a solvency certificate.
 
Further, sources privy to the developments told CNBC-TV18 that the deadline for submission of bids can be extended if interested parties seek time for genuine reasons.
Earlier, EOI terms allowed the new owner to effect change in management through the acquisition of up to 75 percent equity stake in debt-laden Jet Airways.
The airline has grounded more than three-fourths of its fleet due to non-payment of lessors' rentals and is operating just about 25 planes out of its 123 earlier.
Due to the cash crunch, the airline has been paying only part salaries to its over 16,000 employees which forced a section of its pilots on Tuesday sending a legal notice to the management which is currently being headed by the lenders led by SBI.
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