Jet Airways halted all flight operations indefinitely after lenders led by SBI declined to extend more funds.
Mumbai: Lenders to India’s Jet Airways Ltd said on Thursday they are “reasonably hopeful” that the bidding process for the grounded airline will end successfully.
Jet Airways, once India’s largest private airline, on Wednesday evening halted all flight operations indefinitely after lenders led by State Bank of India declined to extend more funds to keep it going.
“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 and have been issued bid documents on 16th April,” the lenders said in a statement, referring to expressions of interest.
“Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner.”