Troubled Jet Airways' B777 seized by WFS in Schiphol over unpaid fees

Jet Airways sale Nobody interested in buying lenders stake on Day 1

SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet, Monday invited bids from strategic as well as financial bidders for stake sale in ailing carrier. The lenders on Wednesday extended the deadline to April 12 and the bidders have to submit their bids by 6pm. The initial bid document offers between 31.2% and 75% of shares to the new owner of Jet.

SBI Caps has also made it clear that binding bids must be submitted by April 30, 2019.

The Reuters report said the airline has debts of more than $1.2bn and owes money to "banks, aircraft lessors, suppliers, pilots", amongst others.

"Bidders are required to provide the solvency certificate. on their letterhead and certified by managing director/ full time director / CEO of the bidder or a person holding an equivalent position in the bidder", SBI Capital Markets said in a separate notice.

Meanwhile, fuel supplies from Indian Oil Corporation (IOC) to Jet were cut from 3 pm on Wednesday, accentuating the problems for the airline which is operating with just 26 planes, down from the 119 it was operating until December 2018 when it defaulted on its repayments.

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On Wednesday, the International Olympic Committee also stopped fuel supply to Jet for the third time in a week, over unpaid dues.

In a statement, WFS said: "A Jet Airways passenger aircraft was seized at Amsterdam Schiphol Airport today following a court order issued by Haarlem Court in favour of Worldwide Flight Services in relation to the outstanding payment of handling fees". Goyal met the airline lenders along with two of Jet Airways directors Ashok Chawla and Nasim Zaidi, former aviation secretary and ex-director general of civil aviation (DGCA).

It is critical for the troubled airline to get bidders as it tries to get a buyer who will bring urgent funding to pay employees, lessors and slowly get its operations back to the pre-crisis level.

"The airline will further update guests with revised timings". The Abu Dhabi-based airline may also need a nod from its board before submitting the expression of interest.

The union, which is responsible for representing more than 1,100 Jet Airways pilots, has set a payment deadline for April 14th.

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