Jet Airways lenders said on Thursday that they are reasonably hopeful of a successful bidding process for stake sale. The announcement from the lenders led by State Bank of India (SBI), came a day after the airline suspended all its flight operations indefinitely.
Jet Airways, once India’s largest private airline took the decision to stop flying on Wednesday evening after lenders declined to extend emergency funds to keep it going.
“With deep sadness and a heavy heart we would like to share that, effective immediately, we will be suspending all our domestic and international flight operations,” Jet Airways said in a statement.
The lenders in a statement said, “The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16.”
The lenders said that they are reasonably hopeful that the bidding process will lead to determining the fair value of the enterprise in a transparent manner.