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Jet Airways Seeking Fresh Bids
Indian carrier Jet Airways has announced that it will be reopening its expression of interest (EOI) process in a move to potentially attract new investors.
After ceasing operations this past April, the insolvency process for the airline saw the reassignment of its slots to other carriers and the repossession of its fleet by lessors and banks.
Still, as of July, the carrier claims that it has just 12 aircraft in its fleet.
This will be another attempt to attract investors after the previous EOI was launched in July. After having the August deadline of that EOI deadline extended three times, the EOI finally closed in December after attracting no new investors.
With a deadline of January 6, the latest EOI is very short but requirements for investors have not changed. The carrier is seeking applicants who have at least $141 million in available funds from the previous year.
The EOI comes after the carrier’s insolvency resolution period was extended by 90 days.
It is reported that Hinduja Group, the parent company of the second-largest manufacturer of commercial vehicles in India, and Turbo Aviation, an aviation conglomerate that is planning on launching a new low-cost carrier in India are two of the interested parties.
Another interested party is South America’s Synergy Group, which owns stakes in multiple South American carriers, but needs more time for due diligence.
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