No takers yet for Jet, last date for bids extended

Jet Airways sale Nobody interested in buying lenders stake on Day 1

This is the third time that the public sector oil marketing company has cut fuel supply to the airline in the past eight days, which is struggling to keep afloat amid acute liquidity crisis.

Initial bids were to be submitted by the end of Wednesday, but SBI has extended the deadline to April 12. "The action came following the airline breaching its bank guarantee limits with the company", an Indian Oil Corporation official said.

Last month, creditors injected $218 million of "immediate funding support" into Jet Airways as part of a debt resolution plan.

Nonetheless, industry insiders said that the lenders of the airline might have made a part-payment towards the dues.

"With the grounding of the 737 Max aircraft and the continuing cancellation of flights by Jet Airways, the airfares have been rising". Additionally, he met the airline's lenders along with two Ashok Chawla, Jet directors and Nasim Zaidi, former aviation secretary and ex-director general of civil aviation (DGCA), respectively.

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"Once we restore the much-needed network stability of the airline, our highest priority is to get more planes flying and to pay your salary arrears", Dube said in a communication to employees.

The DGCA announced on its website that seven de-registered Boeing aircraft belong to lessors such as Crolly Aviation, Mardal Aviation, Allenwood Aircraft Leasing, Dungarvan Aircraft Leasing, Elphin Aircraft Leasing, Carlow Aircraft Leasing and Ballyhaunis Aircraft Leasing.

Aircraft lessors including Aviation Capital Group, Avolon and BBAM filed applications on Tuesday to de-register 13 Boeing 737s, a source aware of the matter told Reuters, taking the total number of such requests to 24.

According to the last update, only 26 aircraft out of 119 were operational. But now the bankers are waiting for RBI to come up with a revised framework for the restructuring of the airline's debt.

Goyal, who now owns 51% of Jet Airways, would have no voting rights if the resolution is approved. On March 25, Jet Airways Chairman Naresh Goyal and his wife Anita holding 51 per cent of the equity resigned from the board and transferred control to the lenders. Banks have kept a deadline of June 30 to offload the stake.

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