Jet Airways extends deadline for initial bids

MUMBAI: India’s Jet Airways has extended the deadline for initial bids for the bankrupt airline to Aug. 10 from Aug. 3, a statement from the company said on Saturday.

Jet, once ranked among the country’s biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

The bid submission deadline has been extended at the request of some prospective bidders, it said.

Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid.

Lenders to the airline agreed on July 19 to provide interim financing to help it cover legal and other costs as bankruptcy resolution experts seek a buyer.