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Two new bidders enter fray for bankrupt Jet Airways
Two more companies have expressed a last minute interest in taking over grounded Jet Airways.
South America based Synergy Group was the only confirmed bid on the table but now two other prospective offers have come in.
People familiar with the matter say one is an India based company with a UK backer and the other is a fund based in West Asia.
That has led to the Committee of Creditors of Jet Airways to call for new expressions-of-interest.
Synergy Group will also have to submit a new EoI, according to Jet’s resolution professional, Ashish Chhawchharia.
Synergy Group has already presented a draft business plan for jet Airways but has sought more clarity over its slots.
Jet’s domestic slots have been temporarily transferred to other Indian carriers until March 2020, but Synergy Group is especially keen to get its hands on Jet’s valuable London Heathrow and Amsterdam slots.
Chhawchharia said Synergy’s bid hinges on getting these international and domestic slots.
"Their interest is conditional on assurance on Heathrow, Amsterdam and India slots, which the committee of creditors cannot give. The two other parties only expressed their interest two days ago. Instead of extending the time period just for this one group, the committee decided to call for fresh bids."
A decision on taking one or more bids further may be taken by the weekend.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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