Synergy Group submits fresh EoI for Jet Airways

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Published: January 7, 2020 5:50:02 AM

A representative from the court last month told India’s insolvency tribunal that the group wanted assurance on Jet’s erstwhile domestic slots and the slots in Heathrow Airport, London, and the Schiphol Airport, Amsterdam. Following the grounding of Jet Airways, the government had reallocated the domestic slots to other airlines.

Synergy Group, EoI, Jet Airways, industry news,Turbo AviationAfter talks with Synergy Group reached a stalemate, the committee of creditors (CoC) of Jet Airways invited a fresh round of EoIs late last month.

Colombian Synergy Group submitted a fresh expression of interest (EoI) for the resolution of Jet Airways, on Sunday, sources told FE. The group had not formally submitted a resolution plan for the grounded airline last month even after over four months of deliberations. The group had earlier been given time till December 16 to submit a plan for the beleaguered airline.

A representative from the court last month told India’s insolvency tribunal that the group wanted assurance on Jet’s erstwhile domestic slots and the slots in Heathrow Airport, London, and the Schiphol Airport, Amsterdam. Following the grounding of Jet Airways, the government had reallocated the domestic slots to other airlines.

After talks with Synergy Group reached a stalemate, the committee of creditors (CoC) of Jet Airways invited a fresh round of EoIs late last month. This is the third time the CoC has called for EoIs for Jet Airways, which was admitted for insolvency in June 20. Apart from Synergy Group, Hyderabad-based Turbo Aviation, a Dubai-based fund and the Hinduja Group are understood to be examining submitting an EoI for Jet Airways. Turbo Aviation, an entity engaged in charter flights and aircraft maintenance services, has also submitted an EoI. The deadline for submitting EoIs is January 15.

Jet Airways was grounded in April last year, and was admitted for insolvency in June following multiple failed attempts to sell the airline. Following this, the State Bank of India (SBI) initiated insolvency proceedings against the grounded Jet Airways. According to the latest data available on Jet’s websites, creditors have filed claims worth over Rs 36,000 crore with the airline, of which the RP has so far admitted claims worth over Rs 14,000 crore.

Shares of Jet closed at Rs 35.90 on the BSE, up 5% on Monday.

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