Jet Airways lenders lay out terms for airline bidding process

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SINGAPORE (Reuters) – Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt obligations as part of any deal to take over the airline, Jet’s consortium of lenders, led by State Bank of India (SBI), said in a statement.

Jet’s lenders last month agreed to bail out the airline in a complex deal that involved the banks taking a temporary majority stake in the company – while they look for a new investor – and providing a fresh loan of $218 million.

In a notice on its website, SBI Capital Markets, a unit of SBI, said prospective bidders were required to submit expressions of interest for Jet by 6 pm India time on April 10.

Reporting by Anshuman Daga; Editing by Christopher CushingOur Standards:The Thomson Reuters Trust Principles.



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