Private airliner Jet Airways has restruck its deal with Air Sahara at a lower valuation, according to sources. The deal, which was originally valued at Rs 2200 crore, has been struck in the region of Rs 1,850 crore, reports CNBC-TV18.
The new deal is likely to include creditors’ balance of Rs 350 crore. The new deal includes creditors’ deduction of Rs 350 crore. According to hearsay, the airline is expected pay the remaining amount of Rs 1365-1375 crore for Air Sahara. Jet has already paid Rs 500 crore as bank guarantee.
The deal may take shape over a period of two to three months. The Indian air carrier was in talks with various new players, including a private equity player.
Sources also inform that both the airliners have reached a commercial agreement and have informed the arbitration panel about the same, added sources. Meanwhile, the panel has set the Jet-Sahara hearing for 5:30 pm on Wednesday. Jet has only two options - either to buy out Air Sahara or compensate it.
The new deal is likely to include creditors’ balance of Rs 350 crore. The new deal includes creditors’ deduction of Rs 350 crore. According to hearsay, the airline is expected pay the remaining amount of Rs 1365-1375 crore for Air Sahara. Jet has already paid Rs 500 crore as bank guarantee.
The deal may take shape over a period of two to three months. The Indian air carrier was in talks with various new players, including a private equity player.
Sources also inform that both the airliners have reached a commercial agreement and have informed the arbitration panel about the same, added sources. Meanwhile, the panel has set the Jet-Sahara hearing for 5:30 pm on Wednesday. Jet has only two options - either to buy out Air Sahara or compensate it.
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