International Olympic Committee resumes fuel supply to Jet Airways (2nd Lead)

Jet Airways receives legal notice over unpaid salaries

Lenders of the debt-ridden Jet Airways on Wednesday tweaked the terms for stake sale in the airline and also extended the submission deadline for "expression of interest" bids from prospective buyers.

Jet's lenders, led by State Bank of India (SBI), have been seeking a new investor to take a stake of up to 75 percent in the airline. "Accordingly, in order to allow better participation in the process, the domestic lenders have agreed for extension timeline". Any interested parties will then have until April 30 to make a formal bid. The board may meet on Wednesday to clear the proposal to participate in the Jet Airways bidding.

Indian Oil Corporation (IOC) resumed the supply of aviation turbine fuel (ATF) to Jet Airways after the airline made some payment.

"Bidders are required to provide the solvency certificate ... on their letterhead and certified by Managing Director/ Full Time Director / Chief Executive Officer of the bidder or a person holding an equivalent position in the bidder", it noted.

The airline has grounded more than three-fourths of its fleet due to non-payment of lessors' rentals and is operating just about 25 planes out of its 123 earlier.

Heavily indebted Jet Airways was recently forced to ground more than 90 of its 118 total aircraft, which resulted in hundreds of flight cancellations. "The airline will further update guests with revised timings", it said, reported ANI.

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Apart from the employees, the aircraft lessors too are upset with the current financial situation with some of them requesting the Directorate General of Civil Aviation (DGCA) to de-register their aircraft leased to the company.

The airline's operations were not effected during the day, as other retailers continued to supply fuel to its aircraft. The grounding is still in effect, as the airline is unable to pay leasing fees, several lessors say.

The airline apparently owns 16 out of these 26 aircraft.

The banks have appointed SBI Capital Markets to assist them in the formulation of a resolution plan, which includes undertaking a competitive bidding process.

Naresh Goyal the founder of Jet Airways is all set to pledge the rest of his shares to the lenders but conditions apply.

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