South America’s Synergy Group Corp has asked for a second extension to submit a final bid for Jet Airways, said Grant Thronton’s Ashish Chhawchharia, the Resolution Professional for the airline. The Committee of Creditors (CoC) had earlier given Synergy an extension to submit a bid by November 15.
Synergy was the only company that had placed an Expression of Interest (EoI) for the debt-strapped airline in August. Back then, the CoC had extended the last date to submit an EoI because Synergy had shown the initial interest.
After the EoI, the company signed an non-disclosure agreement which had given it the access to the data room for due diligence.
When BusinessLine asked the RP on Synergy’s plan to place a bid, Chhawchharia said: “They have asked for an extension for about a month till December-end; however, it is subject to approval by the CoC.”
The CoC is scheduled to meet again on November 19.
Another person in the know said that the South American conglomerate, which owns a majority stake in Avianca Airlines, is exploring various options and preparing a business plan as a part of which Synergy is considering a second hub for Jet Airways in South America. The company is also said to be in conversation with a few companies in South America.
15/11/19 Forum Gandhi/Business Line
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Synergy was the only company that had placed an Expression of Interest (EoI) for the debt-strapped airline in August. Back then, the CoC had extended the last date to submit an EoI because Synergy had shown the initial interest.
After the EoI, the company signed an non-disclosure agreement which had given it the access to the data room for due diligence.
When BusinessLine asked the RP on Synergy’s plan to place a bid, Chhawchharia said: “They have asked for an extension for about a month till December-end; however, it is subject to approval by the CoC.”
The CoC is scheduled to meet again on November 19.
Another person in the know said that the South American conglomerate, which owns a majority stake in Avianca Airlines, is exploring various options and preparing a business plan as a part of which Synergy is considering a second hub for Jet Airways in South America. The company is also said to be in conversation with a few companies in South America.
15/11/19 Forum Gandhi/Business Line
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