Lenders invite bids for Jet, Etihad in fray
NEW DELHI: Lenders opened a three-day window on Monday for investors to submit an expression of interest for taking over Jet Airways even as Etihad Airways, a shareholder in the airline, played hardball to protect its own interest.
Jet’s shares gained over 3% to close at Rs 264 as the bid document hinted that dilution in the airline’s equity through an issue of shares to banks might not happen.
The Abu Dhabi Investment Authority (ADIA), with support from the National Infrastructure Investment Fund (NIIF), is understood to be in the race for the airline.
Industry experts say investment by ADIA would help protect multiple interests, including that of Etihad. Earlier, lenders had told the promoters (Goyal and Etihad) that they should either bring in more funds or make way for a buyer.
Lenders fix high net worth condition for potential suitors
While Goyal had agreed to the terms, Etihad has put in conditions to protect its interests, including those in Jet Privilege-an independent loyalty and rewards management company.
SBI-led lenders have in the past few days engaged in talks with several interested players. Among those learned to be eyeing Jet- although whether they actually bid for it will be known only by Wednesday, the deadline for submitting an expression of interest-are Tata Group, IndiGo, Etihad, Qatar Airways (if Etihad exits fully), Air France-KLM-Delta combine, Lufthansa, Swiss, NIIF and some wealth funds.
In a bid to eliminate frivolous bidders, the lenders have fixed a high net worth requirement for potential suitors. The EoI “for change in control and management of Jet” says strategic investors with a minimum net worth of Rs 1,000 crore or financial investors with a net worth of Rs 2,000 crore would be eligible. Strategic investors will also need to have experience in commercial aviation for at least three years.
If the bidder is a consortium, it should not have more than three members. State entities, public sector undertakings, government-promoted funds and quasi-sovereign funds can directly bid for the airline within the deadline. While it will be known by April 30 if some serious heavyweights have bid for Jet, it is not certain the airline can continue flying for long without adequate emergency funding from lenders. In its latest bid at cost-cutting, the airline said that it has suspended inflight entertainment on all its flights.
Lenders have about Rs 8,200 crore exposure to debt and the airline owes several thousand crores to others in the form of overdue salaries, passengers holding tickets of cancelled flights and awaiting refunds, aircraft lessors and other suppliers. The airline’s total liabilities are learnt to be over Rs 20,000 crore and it has now virtually run out of money to continue operations without getting any emergency funding from lenders. Jet is currently operating a fleet of 26 aircraft, down from 124 last November.
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