Jet Airways hits the UC

There is unconfirmed news that there are as many as four potential bidders who have evinced interest in Jet Airways. This is after SBI Capital Markets, the advisor to the lenders, in a move to find new investors for the company, reached out to 20 such potential investors.

The news is that Jet’s Committee of Creditors (CoC) who met yesterday, to discuss issues related to its insolvency proceedings, have decided to extend the deadline for bids if the airline failed to attract suitors by Saturday.

SBI has sanctioned an interim funding of Rs.69 crore for maintaining the planes and other assets and also to be used for hiring people on contract to verify various creditor claims. It is said that other lenders are expected to sanction such interim funding.

The stock obviously had some inkling of something cooking because yesterday and today, it hit the 5% UC. Today, the UC was hit at Rs.36.85.