Financial creditors have issued a new call for Expressions of Interest (EOIs) in Jet Airways (9W, Mumbai Int'l) with a deadline for submissions set for August 3, 2019.

According to documents posted on the grounded carrier's website on July 20, potential investors have to demonstrate a net worth of at least INR10 billion rupees (USD145 million) for strategic investors and INR20 billion rupees (USD290 million) for financial investors.

Following the period for potential objections, the creditors plan to issue a final list of EOIs on August 13. Subsequently, the approved applicants will have until September 5 to present their resolution plans for the airline. The creditors themselves expect to submit a final resolution plan to the National Company Law Tribunal (NCLT) by September 20. The airline would have to submit its winter schedule by September 30 in order to secure slots at the key Indian gateways.

The Business Standard has reported that prospective investors include both Etihad Aviation Group and the Hinduja Group, which had negotiated a rescue for the airline before bankruptcy proceedings at the NCLT were launched on June 20. According to Moneycontrol, Tata Group, Qatar Airways, Apollo Global Management, and a TPG Capital-led consortium are also interested.

According to the documents, Jet Airways' assets currently include twelve aircraft: six B777-300(ER)s on financial leases (including one arrested at Amsterdam Schiphol airport), three A330-200s on financial leases (including YU-ARA (msn 885) sub-leased to Air Serbia), and three owned B737s (two B737-800s and one B737-900).

LiveMint has reported that potential investors could be attracted by Jet Airways' 49.9% stake in its frequent flyer programme Jet Privilege. The programme, which is majority-owned by Etihad Airways, was profitable despite the carrier's deepening woes.

Jet Airways' total liabilities exceed INR360 billion rupees (USD5.2 billion), including over INR100 billion rupees owed to operational vendors and over INR85 billion owed to the creditors.

LiveMint has also reported that the creditors approved another USD10 million of interim funding for the corporate insolvency resolution process.