Lenders to take over Jet Airways

New Delhi: Lenders of cash-strapped Jet Airways are in the process of securing "substantial stake" in the ailing airline to try and revive it to a manageable state before selling it to new promoters, a senior Finance Ministry source said on Friday.

"Only after securing substantial stake in the airline, the lenders are planning to sell Jet Airways, and the existing promoters need to exit before new buyers can be roped in", he said.

After defaulting on interest payments and delaying salaries to pilots, with Jet Airways now flying just about a third of its fleet following the recent grounding of many aircraft, the full service carrier is currently in a near standstill situation.