Jet Airways fails to attract new bidders

MUMBAI: grounded Jet airways , which is in the process of insolvency, failed to attract new bidders during the extended period for the submission of initial offers, according to a source.

The third deadline for the presentation of expressions of interest (EoI) ended on August 31. Without new emerging bidders during this period, there are only three entities that submitted their initial offers before.

The treasury of the Russian fund RA Partners, the Panama-based investment firm Avantulo Group and the South American conglomerate Synergy Group Corp had presented the EoI.

No new EoIs have been received, a source close to the development told PTI.

Now, the term is unlikely to be extended further. The plan will be to continue with the three entities that submitted their EoI, said another source.

On August 26, Jet airways ' Committee of Creditors (CoC) extended the deadline for submission of EoIs.

It was the third time that lenders extended the term after August 3 and 10.

In the second round of presentation of EoI, which closed on August 10, the lenders received interest from Volcan Investments, the treasury of the Russian funds RA Partners and the Avantulo Group.

However, Volcan opted out of the race a day after publicly announcing its interest in Jet airways .

After the deadline of August 10, Synergy Group Corp showed interest in the airline.

The Synergy Group has a majority in the Colombian airline Avianca Holdings, which has a code-share company with Air India.

Etihad Airways, which owns 24 per cent stake in Jet airways , did not submit any bid.

In June, Ashish Chhawchharia was appointed as the resolution professional to manage the affairs of Jet airways , which shuttered operations in April.

The airline has liabilities worth Rs 26,000 crore.