The resolution professionals leading the Jet Airways (JAI, Mumbai International) bankruptcy proceedings have extended the deadline for the Expressions of Interest (EOIs) to August 31, 2019, to allow Synergy Aerospace to join the process.
According to the new schedule published by the resolution professional Ashish Chhawchharia on the carrier's website, a provisional list of prospective bidders will be published on September 3, 2019. The approved bidders will then have until October 14 to submit their resolution plans.
Initially, the deadline for EOIs fell on August 3 and, after an extension, on August 10. Three entities submitted their bids by that date. Out of them, Anil Agarwal's family trust, Volcan Investments, withdrew just a day after, while Panama-based investment firm Avantulo Group was disqualified from the bidding. As such, the only bidder in contention is a Russian fund, RA Creator. However, well past the initial deadline, the Indian media reported that Brazil-based Synergy Aerospace, the parent of Avianca Holdings, was also keen to submit its EOI.
Jet Airways' creditors have to date registered INR305.6 billion rupees (USD4.2 billion) in claims against the grounded airline. The airline still owns five aircraft (two A330-200s, two B737-800s, and one B737-900) and theoretically could regain its slots and traffic rights from India, as they were only temporarily reallocated to other carriers. However, the airline would have to submit its winter schedule by September 30 in order to secure slots at the key Indian gateways.
