Tuesday, February 25, 2020

Jet Airways: Consortium of Russian fund and Enso Group submits EoI

Mumbai: Russian government-backed Far East Development Fund, in partnership with Enso Group, has submitted its expression of interest to acquire a stake in Jet Airways. Prudent ARC and Synergy Group are also in the fray, according to sources.

This is the third round for submitting the EoI. Last week, Synergy and Prudent ARC were supposed to submit their resolution plan. However, neither of them submitted the resolution plan and the latter asked for an extension. The last date for submitting the EoI was February 23. The lenders will now decide on whether to allow the extension on February 25.

It was earlier reported that Synergy was out of the race to acquire a stake in Jet Airways. However, the sources added, “Synergy is still sticking around at the moment in the hope that there can be some clarity on the slots and debt.”

Enso Group had met the Committee of Creditors (CoC) of Jet Airways, expressing its interest to invest in a stake in Jet. During the said meeting the CoC had in-principle agreed to an extension and float a new round of EoI to accommodate Enso’s request.
The 270-day timeframe prescribed under the Corporate Insolvency Resolution Process (CIRP) will end mid-March. The last date for the companies to submit a resolution plan is March 9. After the plan is received the lenders will approach NCLT with the bid by March 15.
Jet Airways had temporarily shut operations in April.
25/02/20 Forum Gandhi/Business Line

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