Lenders of Jet Airways are likely to pick up a substantial stake in the debt-laden airline till a new promoter is roped in, sources said. The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes, they added.
The State Bank of India-led consortium of lenders is working on a resolution plan for the cash-strapped Jet Airways for the last five months.
The full service carrier has a debt burden of more than Rs 8,200 crore and needs to make repayments worth up to Rs 1,700 crore by March end. Sources said lenders of Jet Airways might pick up a substantial stake in the airline, a move that would provide comfort in the interim period till new promoters come in.
Current promoters of Jet Airways have to exit before a new investor can be roped in. Read More