To stave off any haircut in Jet Airways, the lenders of the company have already started approaching prospective investors, informed sources said on Friday.<\/p>\n\n\n\n
Accordingly, the lenders led by the State Bank of India have approached various prospective buyers from conglomerates to a global private equity firm for sale of their stake in the financially challenged airline.<\/p>\n\n\n\n
Sources said that Tata Group, TPG Capital and Delta-Air France-KLM are among the companies approached by the lenders. When contacted, a Tata Group spokesperson, however, said: “We don’t comment on market speculation”.<\/p>\n\n\n\n
Corroborating the first source, another industry insider said: “Initial feelers have been sent. This is a standard procedure but talks are in a preliminary stage”. “The lenders are scouting for companies that can not only give them an exit but also sustain the size of the airline. Thus far, an Indian diversified conglomerate, global PE fund house and even other global airline companies have been approached through various channels.” However, both sources did not divulge any further details of these prospective buyers.<\/p>\n\n\n\n
Last Monday, Jet Airways promoter and Chairman Naresh Goyal stepped down from the board of the airline and ceded majority control to the SBI-led consortium.<\/p>\n\n\n\n
Now the lenders, after injecting up to Rs 1,500 crore working capital into the airline and converting their debt into equity, would try to revive Jet Airways and sell it by June.Under the lenders-initiated resolution plan, the airline will leverage the funding to partly clear pending dues towards lessors, vendors, creditors and employees in a phased manner.<\/p>\n\n\n\n
Further, the company has also converted lenders’ debt into equity through the issuance of 11.4 crore equity shares to the lenders’ consortium.<\/p>\n","protected":false},"excerpt":{"rendered":"
To stave off any haircut in Jet Airways, the lenders of the company have already started approaching prospective investors, informed sources said on Friday. Accordingly, the lenders led by the State Bank of India have approached various prospective buyers from conglomerates to a global private equity firm for sale of their stake in the financially […]<\/p>\n","protected":false},"author":1,"featured_media":58097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-58096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/58096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=58096"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/58096\/revisions"}],"predecessor-version":[{"id":58098,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/58096\/revisions\/58098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/58097"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=58096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=58096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=58096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}