Wednesday, November 06, 2019

Closing time for Jet Airways? CoC looks at asset liquidation as bidders show no interest

Naresh Goyal-founded Jet Airways may finally be heading towards liquidation as CoC considers selling of the assets. After months of speculations and hopes of revival of the beleaguered airline, no active bidder has emerged yet, and the committee of creditors will discuss next steps for the cash-strapped airline in the upcoming meeting next month, ET Now cited sources as saying. While it was expected that the Synergy Group could finally bring Jet Airways out of its woes, the South American conglomerate also hasn’t made a bid yet, the news channel added. Meanwhile, the Interim Resolution Professional has also started to collate the assets of Jet Airways.
Earlier, the committee of creditors had given the Synergy Group time till November 15 to finalise a resolution plan. The group had held discussions with the Bird Group for investment into the ailing airline, Financial Express had reported last month. The Bird Group provides aviation management and other services in India and abroad. Meanwhile, one of Jet Airways’ most valuable asset, its slots, might go to other airlines as the Directorate General of Civil Aviation (DGCA) had given the airline time till mid-January to file slot request for the summer season. The slots of the previous season which were allotted to the airline have been re-allocated to other airlines.
05/11/19 Financial Express
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