KLM Royal Dutch Airlines (KL, Amsterdam Schiphol) has agreed to acquire the Dutch assets of bankrupt Jet Airways (JAI, Mumbai International), including a B777-300(ER) seized at Amsterdam Schiphol over unpaid debts, as well as slots at the airport.
"[Jet Airways] and a Dutch Trustee entered into a conditional sale & purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020, for the proposed resolution of business activities of the Company in the Netherlands as approved by the Committee of Creditors. The proposed resolution is subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws," Jet Airways' Resolution Professional Ashish Chhawchharia said in a stock market filing.
The Boeing widebody, VT-JEW (msn 35164), has been stored at Amsterdam Schiphol airport since April 10, 2019, after being impounded by cargo handler Worldwide Flight Services (WFS) citing Jet's unpaid debts.
KLM told Dutch online news website NU.nl that it will decide whether to induct the B777 into its own fleet or sell it after it has carried out the necessary checks. The Dutch flag carrier operates fourteen B777-300(ER)s, the ch-aviation fleets module shows.
While the transaction covers airport slots at Amsterdam's notoriously congested Schipol hub airport, it will have to be confirmed by the Dutch airport slot coordinator, Airport Coordination Netherlands (ACNL). The Indian airline operated 4x daily to Amsterdam using three of its own slot pairs and one leased from KLM, its former commercial partner.
KLM said that it also acquired Jet Airways' office space in the Netherlands.
The value of the transaction was not disclosed but India's Business Standard daily cited sources saying it could fetch USD23 million for the creditors.
Jet's insolvency proceedings in the Netherlands are separate from its ongoing liquidation in India, where two prospective bidders - Synergy Aerospace and Prudent Asset Reconstruction Company - recently submitted Expressions of Interest (EOIs) to acquire the defunct airline.
Jet Airways continues to own a further six B777-300(ER)s. The aircraft are subject to a dispute with EXIM Bank (United States of America) which helped finance their acquisition. The airline's assets also include two A330-200s, two B737-800s, and one B737-900.
