What’s Happening With Jet Airways?
Just after the collapse of budget airline WOW Air, Jet Airways also declared bankruptcy and halted operations in April of 2019. Since then, some of its assets have gone to other airlines while some aircraft sit in storage until bankruptcy proceedings are finished. Here’s what is happening with Jet Airways now.
there is only one credible party that has shown interest in reviving the airline: South America’s Synergy Group. The Group was created and owned by entrepreneur Germán Efromovich, and already owns two-thirds of Avianca Airlines. However, according to LiveMint, despite putting forward an expression of interest (EoI) in August it has not informed creditors of a plan to revive the airline.
LiveMint goes on to say that the resolution professional (RP) responsible for Jet Airways has yet to hear from Synergy Group:
Most interestingly, a person close to the matter reports that Efromovich’s team told several Jet employees that it will present a resolution plan to lenders by October 14th, as it needs time to complete due diligence. Efromovich and a team from Synergy Group had traveled to India to tour a Jet hangar and meet with remaining employees.
LiveMint was unable to independently verify this the report of an October 14th resolution plan. However, the Hindu Business Line reports that the shortlisted final bidders have until October 14th to submit their final resolution plan.