Monday, September 02, 2019

Jet Airways fails to attract new bidders

Grounded Jet Airways, which is undergoing insolvency proceedings, failed to attract any new bidders during the extended deadline period for submission of initial bids, according to a source. The third deadline for submission of Expression of Interest (EoI) ended on August 31. With no new bidders emerging during this period, there are only three entities that had put in their initial bids earlier.
Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp had submitted the EoIs.
"No new EoIs have been received," a source close to the development told .
"Now, the deadline is unlikely to be extended further. The plan will be to go ahead with the three entities that had submitted their EoIs," another source said.
On August 26, Jet Airways' Committee of Creditors (CoC) extended the deadline for submission of EoIs.
It was the third time that lenders extended the deadline after the ones on August 3 and 10.
02/09/19 PTI/Economic Times

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