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Russian fund, Synergy are buzzwords as deadline for Jet bidding runs out

Jet Airways, which stopped flying mid-April, has a debt of around Rs 8,500 crore it owes a consortium of lenders led by the State Bank of India. 

Published: 01st September 2019 12:01 PM  |   Last Updated: 01st September 2019 12:01 PM   |  A+A-

Jet Airways aircraft

Jet Airways aircraft (File Photo | PTI)

By Express News Service

NEW DELHI: The extended deadline for the submission of Expressions of Interest (EoIs) for Jet Airways ended on Saturday with a lot of buzz generated by the interest shown by South American Synergy Group Corp in recent times. 

Earlier, lenders of the airline had extended the deadline for submission of EoIs for a third time. Till then, the resolution professional had received EoIs from Panama-based Avantulo Group and a Russian fund called Treasury Creator. Billionaire Anil Agarwal’s family trust had also expressed interest in the airline and submitted a formal EoI, but withdrew it later. 

It was learnt that only the Russian fund had been shortlisted and the resolution professional was engaging with Synergy Group to get it on board. The group has already submitted an EoI for the grounded airline. 
According to reports, Synergy, which owns majority stake in Avianca Airlines, South America’s second-largest airline, is planning to pick up 49 per cent stake in the beleaguered Jet Airways and is expecting banks to take 60-80 per cent haircut.

Jet Airways, which stopped flying mid-April, has a debt of around Rs 8,500 crore it owes a consortium of lenders led by the State Bank of India. 

Ashish Chhawchharia, the resolution professional handling the airline’s insolvency, has received creditor claims of over Rs 30,000 crore and admitted claims of around Rs 12,000 crore so far. 



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