India sees little scope for Jet Airways revival - govt sources

Videocon Industries (India)

05/05/2019 11:38

By Manoj Kumar
    NEW DELHI, May 5 (Reuters) - The Indian government sees
little hope of a bidder emerging for debt-laden Jet Airways Ltd
 JET.NS , which halted operations last month, two senior finance
ministry officials said.
    Parties that had initially expressed interest in Jet, which
is saddled with roughly $1.2 billion of debt, have so far failed
to come forward with firm bids to bail it out, increasing odds
that it could soon face bankruptcy proceedings. urn:newsml:reuters.com:*:nL3N22E0MP
    "There is little scope in the revival of Jet," said one
official, adding that if a bidder emerged, the government was
still willing to restore slots to the private airline that had
been temporarily given to rivals.
    The second official said it was only a matter of time before
someone dragged the carrier to the National Company Law Tribunal
- India's bankruptcy court - for recovery of dues.
    

 (Additional reporting by Aftab Ahmed in NEW DELHI; Editing by
Euan Rocha and John Stonestreet)
 ((manoj.kumar@thomsonreuters.com; +91 11 4954 8029; Reuters
Messaging: manoj.kumar.thomsonreuters.com@reuters.net))