A source has revealed that Jet Airways has failed to get any new bidders for its airlines which is undergoing proceedings for insolvency with liabilities worth Rs. 26,000 crore. Even in the extended deadline for submission of initial bids the airlines has not been able to attract new investors for its bidding. On 31st August this year the submission of Expression of Interest (EoI)’s third deadline got over and apart from the three initial bidders, jet Airways could not get any new bidders.
The three initial bidders who submitted the EoIs include, Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
The source familiar with the matter reported that apart from the aforesaid three bidders, no new bidders have come forward. Acoording to another source the plan would now entailing moving forwards with the existing three entities that have submitted EoIs as it is highly unlikely for the deadline to get extended any further than it already has.
The deadline for submission of EoIs was extended by the Jet Airways’ Committee of Creditors (CoC) on August 26th before which the deadlines had been extended twice on August 3rd and August 10th.
The energy baron Anil Agarwal’s family trust- backed Volcan Investments, Russian Fund Treasury RA Partners and Avantulo Group showed interest to the lenders, in the second round of submission of EoIs, which closed on August 10. Volcan had publicly announced its interest in Jet Airways however; within a day of the announcement it backed out. Synergy Group Corp, which owns a majority in Colombian carrier Avianca Holdings, also codeshare partner of Air India; showed interest post the August 10th deadline according to reports. A 24 percent stake in Jet Airways is held by Etihad Airways, which reportedly has not submitted any bid either.
Nancy Lojas has a Pharmaceutical background. She is pursuing a Masters Degree from the University of Toronto and loves to write about research, discoveries & trends in the Healthcare sector.