No Clarity From SBI on Interim Funding for Jet Airways
By MYBRANDBOOK
Jet's lenders, led by State Bank of India (SBI) , agreed to bailout the airline in a complex deal that involved the banks taking a majority stake, while seeking out an investor to help revive the company's fortunes, but seems offered no clarity on interim funding, leaving the future of the carrier hanging in the balance.
Jet Airways is up to the neck with more than $1 billion in debt, compounding its financial woes and forcing it to ground more than two-thirds of its fleet.
The revival plan to support $218 million interim loan to keep the airline afloat. Sources said, that the lenders, which also includes Punjab National Bank (PNB), were yet to decide on the interim loan for the beleaguered carrier. Both SBI and PNB, did not have immediate comments on the matter.
In their joint statement issued late on Thursday, the lenders said they intend to pursue the previously proposed rescue plan "in a time-bound manner under the present legal and regulatory framework."
As per the last release, Government of the Indian is keen to see that the airline survives, as its failure will result in tens of thousands of direct and indirect job losses, as the general election set to commence in this month. The job loss will give a negative sentiment in the election process.
It is crucial for India to ensure the survival of Jet as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official had told Reuters.
As per the recent statement, Jet's lenders said they plan to seek expressions of interest in the airline from potential investors from April 6 and that all submissions from interested parties are expected to be completed by April 9.
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