Mumbai: Grant Thornton’s CEO, Vishesh C Chandiok, has tweeted that it is probably “near the end of the road” for the debt-strapped Jet Airways.
Jet Airways temporarily shut operations in April 2019 and was dragged to the insolvency court on June 20, 2019, by Jet’s lenders over unpaid dues.
The advisory firm's Ashish Chhawchharia was appointed as the Resolution Professional (RP) by Jet’s lenders.
On Saturday afternoon, Vishesh C Chandiok, Grant Thornton’s CEO in a tweet apologised to the grounded airline’s employees, “I’m sorry to report but I fear we are very near the end of the road for #JetAirways- the proverbial ‘chicken or egg’ is what killed the airline- my apologies to all the employees in particular that we @GrantThorntonIN couldn’t do better for you.”
A consortium of the Russian government-backed Far East Development Fund, in partnership with Enso Group, Prudent ARC and Synergy Group are in the fray to acquire a stake in Jet.
The RP and Chandiok remained unavailable to comment on the said tweet. A Grant Thornton employee close to the development said the process was still on and they were hopeful that a potential bidder would submit a resolution plan before the March 9 deadline.
A senior official on behalf of the lenders said: “We do not see a possible resolution plan from any bidders.”
BusinessLine had reported that while Synergy wanted clarity on Jet’s Heathrow slots from the Directorate-General of Civil Aviation (DGCA), the Indian authorities told the company to first place a bid.
08/03/20 Forum Gandhi/Business Line
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Jet Airways temporarily shut operations in April 2019 and was dragged to the insolvency court on June 20, 2019, by Jet’s lenders over unpaid dues.
The advisory firm's Ashish Chhawchharia was appointed as the Resolution Professional (RP) by Jet’s lenders.
On Saturday afternoon, Vishesh C Chandiok, Grant Thornton’s CEO in a tweet apologised to the grounded airline’s employees, “I’m sorry to report but I fear we are very near the end of the road for #JetAirways- the proverbial ‘chicken or egg’ is what killed the airline- my apologies to all the employees in particular that we @GrantThorntonIN couldn’t do better for you.”
A consortium of the Russian government-backed Far East Development Fund, in partnership with Enso Group, Prudent ARC and Synergy Group are in the fray to acquire a stake in Jet.
The RP and Chandiok remained unavailable to comment on the said tweet. A Grant Thornton employee close to the development said the process was still on and they were hopeful that a potential bidder would submit a resolution plan before the March 9 deadline.
A senior official on behalf of the lenders said: “We do not see a possible resolution plan from any bidders.”
BusinessLine had reported that while Synergy wanted clarity on Jet’s Heathrow slots from the Directorate-General of Civil Aviation (DGCA), the Indian authorities told the company to first place a bid.
08/03/20 Forum Gandhi/Business Line
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