Jet Airways Sale Suffers Setback as Two Potential Investors Back Out

Creditors’ hopes of resurrecting India’s Jet Airways and salvaging some value from the bankrupt airline were dealt a fresh blow on Monday as two potential investors said they were no longer interested in putting money into the business, Reuters reported. The billionaire head of Vedanta, Anil Agarwal, whose family trust Volcan Investment had said it was looking at taking a stake in Jet, backed out on Monday. Etihad Airways, which already owns a minority stake in Jet, also said it was not interested in reinvesting in the airline. The announcements are a setback for creditors hoping to recover a portion of the more than $3 billion that the airline owes to its lenders, lessors, staff and other suppliers. Read more