Jet Airways to extend EoI deadline in the absence of suitors

Published on : Wednesday, April 10, 2019

All eyes are on Jet Airways as the deadline submit an Expression of Interest expires at 6 pm on April 10, 2019 and so far it has not attracted any suitors to the table.

 

According to sources the airline’s lenders might get their deadline extended if the response remains poor.

 

 

For the troubled airline it is tough to get bidders as it is tries to get a buyer who will bring urgent funding to pay employees, lessors and get the operations rolling as earlier.

 

Currently the airline is flying 26 of its 119 aircraft and deferred salary payments to all its employees.

 

 

On Tuesday a notice was sent to CEO Vinay Dube by the pilots union, National Aviators Guild  which demanded the payment of salary dues by April 14. If the company fails to do so, the employees will resort to all constitutional and legal methods available.

 

It is known that the airline owes banks over Rs 8,000 crore.

Etihad Airways holds a 24 percent stake in Jet Airways and the lenders might be extending time

 

 

An EoI has to be submitted by Etihad to complete negotiations with lenders and the regulator authority. Before submitting  expression of interest the Abu-Dhabi-based airline will need a nod from its board which might meet on Wednesday clear the proposal to participate in Jet Airways bidding.

 

 

To keep it flying it is important to find a new owner, though banks were expected to put in rs, 1,500 crore as emergency funding. But so far about Rs 150 crore has been transferred.

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