Jet Airways found a buyer 1,5 years after bankruptcy
On 17 October, the Jet Airways (JHA) creditors' committee approved by electronic vote an offer submitted by Murari Jalan and Florian Fritsch. The latter is the founder of Kalrock Capital, part of the joint venture.
The sale has not yet been approved by the National Court of Company Law, which has until October 21 to issue the final decision.
Jet Airways found a buyer
According to Business Standard, 99% of creditors voted in favor of this offer. It was clearly preferred to a rival proposal from a consortium of FlyBig (Indore), the New Delhi Flight Simulation Technical Center and Imperial Capital Investments in Abu Dhabi.
The winning bid submitted by the Murari Jalan-Kalrock consortium proposes to repay 8,7 billion rupees ($ 118 million) to creditors of the total debt recorded by Jet Airways, which amounts to 150 billion rupees ($ 2,05 billion).
Lending banks will gain a 9% stake in the new airline and the opportunity to take a share of the sale of remaining and unused assets.
At this time, no other details have been disclosed regarding the airline's revitalization. We remind you that Jet Airways went bankrupt in the summer of 2019.
According to ch-aviation, Jet Airways continues to own nine aircraft: 5 x B777-300ER, 2 x B737-800, 1 x A330-200 and 1 x B737-900.
Sanjay Mandavia, the founder of FlyBig, said that the failure of Jet Airways would not affect his plans for the imminent launch of a regional airline.
He told Business Standard that he will now be able to focus entirely on FlyBig. Previously, he aimed for synergies between the two airlines in the event of obtaining approval from Jet Airways - FlyBig creditors and could have relaunched Jet Airways regionally.