‘End of the road’ for ill-fated Jet Airways
It looks like debt-ridden Jet Airways will stay grounded and very likely liquidated in the coming weeks.
The latest deadline for serious proposals expired this week with no confirmed bids.
Grant Thornton India’s Ashish Chhawchharia, who was appointed resolution professional by Jet’s lenders tweeted it was ‘very near the end of the road’ for the airline.
"My apologies to all employees that Grant Thornton couldn’t do better for you."
South American aviation group Synergy and Russia based Far East Development Fund, in partnership with local partner Enso Group were the only serious bidders but neither has apparently followed through with a confirmed proposal.
"I feel we are now at a stage where there is no clarity on the way forward, and therefore there is little hope left. It’s a great brand and will be good for everyone if Jet was to fly again, but we are in a fix between what the bidders are expecting and what we can offer on flying slots," said Vishesh Chandiok, CEO, Grant Thornton India.
Chandiok was referring to Synergy Group’s insistence on having Jet Airway’s London Heathrow slot as part of any deal.
Chandiok added that if any deal can still be done it would be ‘nothing short of a miracle.’
The airline still has about 5,000 employees on the payroll.
Before its bankruptcy it employed about 16,000.
India’s Enforcement Directorate detained the airline’s chairman and founder Naresh Goyal as investigators continue to probe alleged fraud and money laundering offences.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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