Jet Airways finds a buyer
It’s been a long hiatus, but grounded Jet Airways could soon take off again.
It has found new buyers in a partnership of UK.-based Kalrock Capital Partners and local firm Murari Lal Jalan.
Jet has been in bankruptcy resolution process for more than a year with more than US$1.2 billion in debt.
Kalrock Capital is a global financial advisory firm.
Specific financial details have not been disclosed but reports suggest creditors will get about US$115 million and about 10% equity in the new business.
Kalrock Capital will also provide funds for working capital.
Resolution professional Ashish Chhawchharia says the airline could been operating again within six months.
Once one of India’s top airlines, Jet was beset with financial mismanagement issues, and was hit hard by high jet fuel prices and cut-throat competition in India.
It will remain a full-service airline and will keep the Jet Airways brand name.
"We will begin with domestic flights with a single plane type and are in talks with Boeing, Airbus and aircraft lessors. In the second stage, we plan to have international flights with suitable aircraft" Manoj N Madnani, board member of Kalrock told the Times of India.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
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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