Jet Airways creditors wait for takeover bids as deadline looms

The fate of debt-laden Jet Airways India, the country’s oldest surviving private airline, could be determined as soon as a creditor-imposed deadline for takeover bids runs out Wednesday. Creditors led by State Bank of India had not received any bids for as much as 75% of Jet Airways as of Tuesday, though that doesn’t mean that offers won’t come in on the final day, people familiar with the matter said, asking not to be identified discussing a private matter. Questions abound from potential bidders, including debt levels and how much of a stake will actually be available for sale, the people said. There’s much at stake beyond the troubled airline, which once represented a cornerstone of the Indian travel market. The deal will be pivotal for creditors seeking to recover more than $1b in debt from the carrier, which has posted losses in nine of the past 11 years and had to ground planes amid its liquidity challenges. “I am not very optimistic that they will get any investors coming in and with a large part of its fleet grounded," said Jitender Bhargava, aviation expert and former director of Air India. “The future of the airline looks very bleak unless some kind of divine intervention takes place.”<br/>