June 18, 2019 / 4:39 AM / a month ago

BUZZ-Jet Airways' rivals rise as lenders plan to take ailing carrier to bankruptcy

** Shares of IndiGo owner InterGlobe Aviation, and SpiceJet Ltd rise as much as 1.9%-4.7% after lenders to rival Jet Airways sought bankruptcy for the ailing airline

** Jet creditors on Monday said they plan to begin insolvency proceedings against Jet to find a buyer for the carrier or its remaining assets and recover some of what they are owed

** Meanwhile, IndiGo placed an order for jet engines worth $20 bln from CFM International, dropping Pratt & Whitney

** Jet shares plunge ~10% to a life low of 61.6 rupees in their ninth straight session of losses

** Jet shares had lost over 75% this year as of last close, while SpiceJet surged ~50% and IndiGo added 41% in the same period

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