Jet Airways crisis: Lenders extend expression of interest deadline again

The lenders have given in-principal nod for the extra sum but will have to approve it through a vote this week

Jet Airways lenders on Monday decided to extend the deadline for submission of the expression of interest (EoI) to August 31. South America-based Synergy Group Corp had expressed interest in Jet last week and now the deadline has been extended to give another opportunity to a potential investor.

The airline’s resolution professional is in talks with the new suitor, which has shown genuine interest in the defunct airline, said people in the know. Earlier this year, the Synergy group also expressed interest in Italian carrier Alitalia. It is also expected that a few more EoIs may come in for Jet Airways within the extended deadline.

So far, the resolution professional had received EoIs from Panama-based Avantulo Group and a Russian fund called Treasury Creator. Anil Agarwal had also expressed interest in the airline and submitted an exploratory EoI for Jet but later pulled out of the race. However, only the Russian fund has been shortlisted so far, said sources.

Synergy Group Corp, founded by businessman German Efromovich, owns the majority stake in Avianca Airlines. Efromovich purchased Avianca, which went through bankruptcy in 2004, and has since turned around the carrier into South America’s second-largest airline. Avianca operates a fleet of 180 aircraft and serves over a hundred destinations in 28 countries with main operations in Colombia, Ecuador, and Peru, among other countries.