You are here: Home » PTI Stories » National » News
Business Standard

Lenders to Jet working on revival, no final decision yet: PNB MD

Press Trust of India  |  New Delhi 

Lenders to the cash-strapped are committed to reviving the but nothing has been finalised yet, (PNB) said on Tuesday.

is part of a consortium of 26 lenders, led by (SBI), which have exposure to Jet Airways' debt of over Rs 8,000 crore.

"Discussions for reviving the are underway and nothing has been finalised as of now. is working on the revival package for Jet Airways," Mehta told reporters here.

On Monday, SBI said the bid process for the orderly sale of equity in is currently being run by SBI Caps and is being vetted by the legal team and the prospective bidders will be shortlisted by SBI Caps shortly.

SBI Monday also said, "The bid process for the orderly sale of equity in is currently being run by SBI Caps and is being vetted by the legal team. The prospective bidders will be shortlisted by SBI Caps shortly."

The lender also said the proposed equity conversion by banks, if any, will be undertaken as a transitory mechanism to facilitate the bidding-cum-sale process.

SBI is acting on behalf of the group of lenders as part of the

"Necessary support to facilitate the process is being extended by the banks in the consortium. Cooperation by and support from all the other stakeholders will be the key to the success of the process," the SBI had said.

With no funds coming in from its lenders, the beleaguered Jet Airways had to extend the suspension of its international flights till April 18. Banks had earlier promised to pump Rs 1,500 crore into the

"The interim funding has not been forthcoming thus far, and as a result, we have extended cancellation of international operations through Thursday," said in a letter on Monday to the airline's over 20,000 employees.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 19:00 IST
RECOMMENDED FOR YOU