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The Jet Airway creditor determines the 75% bid terms in the company

Singapore, New Delhi | A minute ago April 8, 2019 – Last update on April 8, 2019 / 17:19

Indian state lender Jet Airways said on Monday in a statement that potential buyers had to settle the current debt of the problematic aviation company as part of a share purchase agreement. Last month, Jet lenders agreed to rescue the airline in a complex agreement involving banks controlling majority stake in the company on time, seeking a new investor and offering a new $ 218 million loan.

SBI Capital Markets, a unit of the State Bank of India, said in its statement that potential bidders are required to submit letters of interest up to 75 percent of the "Jet" debt by June 10.

Under the terms of the proposed rescue plan, jet lenders will retain more than 50 percent of the airline company, its founder and former president, Naresh Goyal, will hold 25.5 percent, and Etihad Airways, its second largest shareholder, will retain 12 percent. It is unclear whether Guayal and Al Ittihad will sell their shares in this process.

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