Potential bidders for Jet Airways Ltd have so far failed to show any firm interest in bailing out the struggling airline, a source involved in the matter said, increasing the likelihood that the company will face bankruptcy proceedings. (iStock)Shares of Jet Airways tanked 12 per cent on Thursday on reports that bidders of the now grounded airline appear uninterested in following up on their expressions of interest. However, representatives of an employees’ consortium that plans to bid for Jet Airways met officials of SBI Capital Markets on Thursday and discussed various issues related to the bidding process, according to a statement. Jet, saddled with roughly $1.2 billion of bank debt, and the SBI did not respond to emails seeking comment. Reports say three of the four qualified bidders — Etihad Airways, TPG Capital and Indigo Partners — had not signed the non-disclosure agreements necessary for conducting due diligence.

Source: The Telegraph May 02, 2019 19:07 UTC