The bidding process for stake sale in the cash-starved Jet Airways is likely to commence from Monday as the bid document is still to be given a final shape, a source said.
The SBI-led consortium of 26 lenders, which now has themanagement control of the full-service carrier under a debt-recast plan, lastThursday said bid for the stake sale in Jet Airways airline would be issued onApril 6.
“The expression of interest (EoI) for stake sale in JetAirways will now be issued Monday (April 8),” said the source.
Accordingly, the last date for submission of the bids, whichwas April 9 earlier, is also likely to be extended by a day to April 10, hesaid.
SBI is the lead lender to Jet Airways, which has a debtburden of Rs 8,000 crore.
Under the debt resolution plan approved by the Jet Airways’board on March 25, lenders have taken majority stake in the airline and are setto infuse Rs 1,500 crore funds. Besides, the carrier’s founder and promoterNaresh Goyal as well as his wife Anita Goyal quit the board. The shareholdingof Goyals have come down to 25 per cent from 51 per cent earlier.
Acute financial crunch has forced the airline to groundaircraft, cancel flights and delay payment of salaries, including to pilots.
Amid uncertainty over future of Jet Airways, the consortiumof SBI-led lenders last Thursday said bids for selling stake would be invitedon April 6 and other options would be explored in case the stake sale effortsdo not result in an “acceptable outcome”.
After taking stock of the current situation at the airline, which is currently operating less than 30 planes, the lenders said they would pursue resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework.