Saturday, July 18, 2020

Jet Airways Saga: What’s The Latest?

Jet Airways may have been out of the news for a while, but the saga continues on. The airline’s creditors are currently in the process of shortlisting potential bidders to take over the airline, for the fourth time. There’s also some good news for those holding out on a refund from their Jet Airways tickets, with IATA stepping in to help.
Jet Airways may have shut down last April, but the airline’s creditors have been on the lookout for a new owner since then. The airline has already held three rounds of bidding, with the fourth, and likely final, one now in progress.
Jet Airways has received 12 Expressions of Interest (EoIs) during this round of bidding, with bidders ranging from paper airlines to a Jet Airways employee consortium. This list has been narrowed down to four potential bidders by creditors.
According to sources, the four bidders are a UK-based financial firm Kalrock Capital (bidding along with Dubai-based Murari Lal Jalan), Candian entrepreneur Siva Rasiah, Alpha Airways, and a consortium of three companies.
Although many firms have applied, this might be the weakest round of bidding Jet Airways has seen. The shortlisted firms are not very prominent and may struggle with the airline’s debt of over $1bn. It is possible, which has happened before, that no bidders actually submit a Resolution Plan, which is the next required step after better studying Jet Airways’ financials.
18/07/20 Syd Sharma/Simple Flying
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