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  Business   Companies  13 May 2019  Jet Airways slumps after reports of Etihad's non-binding offer

Jet Airways slumps after reports of Etihad's non-binding offer

REUTERS
Published : May 13, 2019, 11:02 am IST
Updated : May 13, 2019, 11:02 am IST

Etihad wanted a commitment from banks on additional loans once it infuses equity into the company.

Jet Airways and SBI were not immediately available for comments.
 Jet Airways and SBI were not immediately available for comments.

Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

 

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

 

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

Tags: jet airways, etihad airways, sbi, debts
Location: India, Karnataka, Bengaluru