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SBI removes terms for the sale of Jet Airways, allows the restructuring of existing debt



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The Jet Airways lender extended on Wednesday the deadline for the submission of initial offers for the purchase of stakes in the troubled airline until April 12.

Jet Airways, who has hunted money, has delayed the pilots' salaries, did not pay the payments of loans or payments to landlords.

SBI Capital Markets, which issued the Expression of Interest document (EoI) on April 8, extended the deadline for the submission of initial proposals until April 12. The potential bidders can send their inquiries until April 11.

The deadline for submitting bids will end on Wednesday.

"Qualified bidders are expected to send their respective binding offers until April 30, 2019, in accordance with the terms set forth in the offer document," said SBI Capital Markets in a notice published on its website.

The SBI-led consortium of national lenders is implementing a debt resolution plan for Jet Airways, whose board approved the plan last month.

"Although all EoI electronic copies are required until the expiration date of the EoI are required, paper copies may be submitted before April 16, 2019," said the notice.

At the beginning of the day, SBI Capital Markets published a set of clarifications related to the EoI document, including that the bidders of a consortium had to provide solvency certificates individually.

"Bidders are required to provide the solvency certificate … in their stamped paper and certified by the full-time director / CEO / CEO of the bidders or by a person who has an equivalent position in the bidders," said SBI Capital Markets in a separate notice.

In the case of the consortium, each member must present the solvency certificate, which is a test of the financial stability of an entity.

As part of the debt settlement plan for the full service operator, creditors seek to restructure "existing facilities and infusion of funds through loans or acquisition / subscription of up to 75% of the company's share capital."

Jet Airways shares fell 1.59 percent to close at 263.40 BSE each.

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