Tuesday, January 07, 2020

Synergy Group gives new expression of interest for beleaguered Jet Airways

South America-based Synergy Group has again given a formal Expression of Interest (EoI) for beleaguered Jet Airways, sources said.

The latest deadline for EoI applications is January 15, the Committee of Creditors (CoC) had decided at their latest meeting.
There were reports that the Hinduja Group would also apply but the sources say this is yet to happen.

Synergy had given an EoI for Jet in the first round of bidding. However, it failed to give a debt resolution plan for the airline company, even after getting several extensions. The lenders subsequently decided to call afresh for EoIs.

Synergy is led by Bolivian-born Germ├ín Efromovich. It owns majority stake in Avianca Airlines, the continent’s second largest.

The Resolution Professional appointed for Jet had earlier told the National Company Law Tribunal that two other entities had expressed early interest in investing. However, it is unclear if they will still do so. One of these is from West Asia and the other is an Indian entity, backed by a British investor.

In the first round of bidding, Synergy had questions for the civil avaition ministry on availability of slots in the domestic and international routes. It wanted answers to these before giving a resolution plan. The ministry wanted a resolution plan on the table before giving any assurance on slot allocation.

Jet’s share price has gained in the past five trading days. On Monday, it closed at Rs 35.90.
07/01/20 Subrata Panda/Business Standard

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