Lenders pin hopes on bids from investors as 'best way forward' for survival of Jet

Expressing their faith in the bids from potential investors, Jet Airways Lenders have endorsed the process as the "best way forward" for the survival of the airline.

In a media statement issued on Thursday, the Jet Airways Lenders said, "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed expression of interest (EOI) and have been issued bid documents on April 16."

"Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner," the statement further read.

This comes a day after Jet Airways suspended all its domestic and international operations after operating its last flight on Wednesday night.

Jet Airways is battling for survival and is yet to receive a loan of about Rs 1,500 crore as part of a rescue deal with government-owned lenders.

A consortium of lenders led by State Bank of India had taken over the debt-ridden airline after Founder Chairman Naresh Goyal stepped down on March 25.

Yesterday, Air India Chairman and Managing Director Ashwani Lohani had also called the temporary closure of Jet Airways as a setback to Indian aviation.

"It is indeed a sad day for all those in the business of flying in the country to witness a fine airline closing shop" he had said.