iStocks/Jetlinerimages
Creditors of Jet Airways India have agreed to extend the deadline for submission of a resolution plan for the grounded Indian airline’s INR146 billion ($2.1 billion) of debt as the sole bidder for the company baulks at making a binding offer, reported Bloomberg.
The deadline for submission of a resolution plan for the carrier may be extended beyond 16 December 2019 as Synergy Group will not make a binding offer for Jet Airways till it gets clarity from India’s government on the validity of the carrier’s defunct flying slots.
These slots were reallocated to other airlines after Jet Airways suspended its operations in April 2019.
The Mumbai-based airline, which was once the country’s largest carrier by market value, fell victim to a cut-throat price war initiated by a slew of budget carriers and eventually defaulted to banks, staff and lessors.
Synergy also wants time to assess the cost of re-acquiring Jet’s expired Heathrow landing rights, without which the carrier would be stripped of its most lucrative route. Creditors have already sought the approval of the National Company Law Tribunal for a 90-day extension to the carrier’s bankruptcy process, exchange filings show.
MOST READ
INVESTMENT
Aldar to invest AED 2 million in Abu Dhabi...INVESTMENT
Oil drops 31 per cent as price war erupts...INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
Bahrain considers stake sell in oil assetsINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Dubai’s W Motors seeks funds to go electricINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Zimbabwe turns to UAE to sell a stake in...INVESTMENT
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
