India’s Jet Airways receives 11-12 EOIs

The resolution professionals tasked with finding a new investor for Jet Airways (JAI, Mumbai Int’l) have received around a dozen Expressions of Interest (EOIs) in the fourth and final round, CNBC TV18 has reported. A source said that out of the 11-12 companies that submitted EOIs, only three or four are expected to be shortlisted as the others are unlikely to meet the eligibility criteria regarding their capitalisation. It is understood that the list of potential bidders includes UK-based Kalrock Capital, Turbo Aviation (Hyderabad Int’l), UK-based Adi Group, Synergy Aerospace, and a consortium of former Jet Airways employees. Synergy came the closest to submitting a binding offer in the previous rounds but eventually withdrew over uncertainty over the ownership of Jet Airways’ slots. Once shortlisted, potential bidders will have until July 11 to file a formal binding offer. The completion of the restructuring is due by August 21, when the non-extendable legal deadline falls. However, the date may be moved due to a lockdown imposed in relation to the COVID-19 pandemic.