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Bloomberg
The fate of debt-laden Jet Airways India Ltd, the country’s oldest surviving private airline, could be determined as soon as a creditor-imposed deadline for takeover bids runs out on Wednesday.
Creditors led by State Bank of India had not received any bids for as much as 75 percent of Jet Airways, though that doesn’t mean that offers won’t come in on the final day, people familiar with the matter said, asking not to be identified discussing a private matter.
Questions abound from potential bidders, including debt levels and how much of a stake will actually be available for sale, the people said.
There’s much at stake beyond the troubled airline, which once represented a cornerstone of the Indian travel market.
The deal will be pivotal for creditors seeking to recover more than $1 billion in debt from the carrier, which has posted losses in nine of the past 11 years and had to ground planes amid its liquidity challenges.
Representative for State Bank of India and Jet Airways declined to comment.