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Jet Airways lenders ready to invite investors to submit a statement of interest
"The notice of interest could be sent by the end of the week or early next week," said an industry executive.
Jet Airways lenders, which suspended their activities in April, are expected to show interest in the airline early next week.
The decision was made after a meeting of lenders, led by the State Bank of India, on July 16.
"The notice of interest could be sent by the end of the week or early next week," said an industry executive.
Lenders have also decided to raise a priority debt of up to $ 20 million. "This will help cover the operating costs of Jet Airways until the end of the insolvency process." Some offices need to operate and funds are also needed to run the systems and pay for the audits. "said the executive cited above.
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The lenders had moved to the National Corporate Law Tribunal in June, following the collapse of the tender process for Jet Airways. Etihad Airways and the Hinduja group were the only ones interested, but their conditions were not met by the banks.
Resolution Professional subsequently asked financial and operational creditors to submit claims. Jet Airways employees also submitted claims for their unpaid wages. But those employees of JetLite, the low cost airline of Jet Airways, were not accepted.
The resolution professional should make an announcement about the claims, especially those that were accepted, later this week.
Until now, only one suitor has confirmed his interest in the insolvency process. A group of Jet Airways employees has partnered with AdiGro Aviation, based in London, to form a consortium and will bid to acquire 75% of the airline's capital.
The airline had ceased operations in April after running out of money. He abuses banks at more than 8,000 crores of rupees and his total liabilities exceed 20,000 crores of rupees.
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