SBI Says Lenders Considering Jet Airways' Restructuring Plan
State Bank of India (SBI) said on Thursday lenders of Jet Airways Ltd were considering a plan to resolve the debt issues of the carrier, amid increasing prospects of a bailout by major shareholder Etihad Airways.
Jet said on Wednesday a resolution plan, currently being discussed with stakeholders, contemplates options on the debt-equity mix, proportion of equity infusion by stakeholders and change in the airline's board.
"SBI would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long-term viability of the company," the state-owned bank said in a statement.
Statements from Jet and its biggest lender SBI come after media reported on Wednesday that Etihad had offered to buy Jet shares at a 49 per cent discount and immediately release $35 million to bail out the troubled carrier, citing a letter to SBI from the Abu Dhabi airline's CEO Tony Douglas.
Jet's shares were down 3.7 per cent on Thursday morning, having plunged over 8 per cent in the previous session after the report.
Etihad also wants Jet's founder and Chairman Naresh Goyal to step down from the board and his stake to be slashed to 22 per cent from 51 per cent, media reported.
However, civil aviation secretary, R N Choubey, told reporters on the sidelines of a conference on Wednesday that control of Jet would need to remain in domestic hands.
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