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Jet Airways' lenders approve interim finance plan for the carrier

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Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as ...

MUMBAI: Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer.

The committee of creditors , via an electronic voting process, also agreed to appoint SBI Caps to help with the whole resolution process. The source said Grant Thornton planned to open bidding for the airline on Saturday. The only criterion for bidders will be having a net worth of 10 billion Indian rupees , added the source.This is similar to the parameter used when lenders initially tried to sell the airline. Bidding is likely to be open for 15 days and may be extended if there are no suitors, said the source.

 

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