Lenders send feelers for stake sale in Jet Airways
Mumbai/New Delhi: 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 (SBI) have approached various prospective buyers from conglomerates to a global private equity firm for sale of their stake in the financially challenged airline. 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."
"Lenders are very serious about their exposure to Jet and how to come out of the situation. They may have given interim relief but there is no surety that the company won't go into the IBC (Insolvency and Bankruptcy Code) process," a source close to the development said. 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."