PNR Ref
 PNR Req
 Blank PNRs
 Spotting
 Timeline
 Travel Tip
 Trip
 Race
 Social
 Greeting
 Poll
 Img
 PNR
 Pic
 Blog
 News
 Conf TL
 RF Club
 Convention
 Monitor
 Topic
 Bookmarks
 Rating
 Correct
 Wrong
 Stamp
 HJ
 Vote
 Pred
 @
 FM Alert
 FM Approval
 Pvt
Forum Super Search
 ↓ 
×
HashTag:
Freq Contact:
Member:
Posting Date From:
Posting Date To:
Blog Category:
Train Type:
Train:
Station:
Pic/Vid:   FmT Pic:   FmT Video:
Sort by: Date:     Word Count:     Popularity:     
Public:    Pvt: Monitor:    Topics:    

Search
  Go  

Ranikhet Express - रेगिस्तान में हरियाली

Full Site Search
  Full Site Search  
 
Tue Nov 24 01:17:38 IST
Home
Trains
ΣChains
Atlas
PNR
Forum
Topics
Gallery
News
FAQ
Trips/Spottings
Login
Post PNRAdvanced Search

Blog Entry# 4727411
Posted: Sep 28 (12:01)

No Responses Yet
537 views
Sep 28 (12:01)   Jet Airways lenders to meet today. May vote on two final bids

Epiphany^~   1172 news posts
Entry# 4727411   News Entry# 419752         Tags   Past Edits
Last Updated : Sep 28, 2020 09:51 AM IST |
While both the suitors have made final tweaks to their proposals and little may separate them, the Kalrock Capital-led consortium is said to have its nose ahead in the race to own Jet Airways
The Committee of Creditors of Jet Airways will meet on September 28, in what everyone hopes will be the lenders' final gathering to select the next owner of the airline that was grounded in April 2019.
The
...
more...
anticipation has been building up since the past fortnight when it came to light that the resolution professional overseeing the insolvency process has asked the two suitors to make final revisions in their proposals.
The airline had received bids from two suitors, both consortiums, on July 21. The first consortium was of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, and Imperial Capital Investments LLC. Both FSTC and Big Charter are led by aviator-turned-entrepreneur Sanjay Mandavia. Imperial Capital is an investment banking and wealth management company based in Dubai.
The second bid was from the consortium of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan.
If the buzz is to believed, the consortium led by Kalrock Capital may just have its nose ahead. But surely, in an insolvency race that has seen many ups and downs, including multiple extensions of deadlines, one can never say for sure.
"One doesn't know if the final decision will come on Monday itself. But for sure, the lenders want to close the case at the earliest," said a senior executive.
The 16th meeting
Jet Airways was admitted to the National Company Law Tribunal in June 2019, and since then the Committee of Creditors, or the CoC, has met 15 times.
Giving the intimation for the 16th meeting, the airline informed the exchanges on September 26, saying, "We wish to inform that the sixteenth meeting of the CoC of Jet Airways is scheduled to be held on September 28, at 11 am, for which notice to the members of the CoC has been sent on September 26."
State Bank of India is lead lender and the most prominent member of the CoC. Jet Airways owes banks nearly Rs 8,000 crore. Its total claims, which includes unpaid salaries of employees and dues of vendors, amount to about Rs 25,000 crore.
Given the high claim, there is no doubt that much of the revision in proposal details, has been on the financial aspect of the bids presented by the two suitors.
While both the sides have been tight-lipped, sources told Moneycontrol that many of the questions have also been regarding the suitors' proposal to repay lenders and clear dues of employees.
"Both the suitors have been repeatedly asked about their plans for the employees. Consulting firm Alvarez & Marsal has been looking into the resolution plans submitted by the two sides," said a senior executive close to the development.

Now that the final touches have been made to the plans, the two proposals will be voted by the CoC.  In a statement on August 20, Ashish Chhawchharia, the resolution professional overseeing the process, said the CoC was engaging with the two suitors to assess the feasibility and viability of their respective plans for the airline.
"Once this assessment is complete, the CoC shall vote on the resolution plans... For any plan to be considered approved, it will need to secure the votes of at least 60 percent of the CoC members," the resolution professional had said.
The two proposals
Initially, the two proposals varied. The consortium led by Sanjay Mandavia, a former captain at Jet Airways, plans to re-launch the airline concentrating on the domestic operations.
Mandavia, who is also on the verge of launching regional airline FlyBig, needs Jet Airways to complete his aviation vision. Mandavia will serve the metro routes with Jet Airways, which will be fed by the regional flights operated by FlyBig.
Launching domestic operations looked like a viable option as the industry and slowly but steadily scaled since it resumed operations in May after being grounded for two months during the lockdown. In August, domestic aviation industry continued on a recovery runway, with 28.32 lakh passengers taking to the air, up from 21.07 lakh in July.
Sources added that the consortium, apart from promising an initial investment of $100 million to revive the airline, had also shared plans to recruit former Jet employees.
On the other hand, Kalrock Capital-led consortium was initially said to have shared plans that had focused on international operations of Jet Airways.
Sources had earlier told Moneycontrol that the Kalrock Capital led consortium had also got the backing of investors and aviation industry veterans, including two executives who were part of the senior management at Jet Airways. This may include Nikos Kardassis, the former CEO of the airline, and considered close to founder Naresh Goyal.
But now, a senior executive from the industry noted, that plan may have been tweaked. "Kalrock Capital's plan now talks about initially re-starting Jet Airways operations on domestic routes, and then taking it international, as per the circumstances, given the COVID-19 challenges," said the senior executive.
With very little to separate them, the final call may depend on how much haircut each of the proposals expects banks to take.
First Published on Sep 28, 2020 07:44 am

COVID-19

ONLY COVID-19 Specials are running.
As Corona cases are increasing rapidly, Members are advised to TAKE extra CARE these days.
1. AVOID going outdoors even if lockdown is easing.
2. ALWAYS wear a MASK when OUTDOORS.
3. Wash hands frequently. Do NOT touch your face.


REMEMBER: PREVENTION is the ONLY Option. There is NO CURE.

Leading Polls

3407976 ★★★ 37~
4784901  10Ninad~
2215001 ★★★ 189Hardik Pathak~

Rail News

New Trains

Site Announcements

  • Entry# 4785432
    Nov 21 (02:51AM)


    We are unifying the Bookmark scheme for Blogs & PNRs. Previously, we had different systems of "Followed Blogs", "PNR History", "My PNR Posts", "My PNR Post Predictions", "Stamp Alerts", etc. which were somewhat confusing. Hereafter: For PNRs: 1. You may add ANY PNR to your bookmarks through the "Add Bookmark" link in the...
  • Entry# 4680754
    Aug 03 2020 (10:10PM)


    In the next few days, we shall introduce a "Personal Gallery". This will consist of your own personal pics - no restrictions. You can upload any number of pics to your personal gallery - with with or without trains. This personal gallery will be part of your Member Profile. Thanks.
  • Entry# 4671643
    Jul 18 2020 (11:53PM)


    As our Topics & Quiz section gains popularity, the following change will be made to Quizzes. Starting tomorrow, we shall not reveal the names of people who answered correctly/incorrectly. You will still know how many answered the quiz and the percentage of wrong/right responses. But ONLY the person who answered will know...
  • Entry# 4669324
    Jul 15 2020 (10:01AM)


    Today, we are introducing a new Topic called NEWS-CRITIC. These days, everyday, we are bombarded with spam news, exaggerated news, misleading news, fake news, useless celebrity news, click bait with misleading headlines, etc. Also, much of the news is copied and rewritten from other news outlets, instead of being written first-hand. Everyone...
  • Entry# 4665139
    Jul 09 2020 (12:37AM)


    Over the last few days, there have been concerns expressed by many members that politics are being discussed. Well, with 90% of the trains NOT running over the last 3 months, there is not much rail-fanning happening!!! People have to discuss something. Mature political discussions are allowed in the Topics section,...
  • Entry# 4658593
    Jun 28 2020 (12:39PM)


    To help with the issue of mass tagging of members, we shall soon be expanding the RF Club feature to Pvt Clubs: . 1. Any member will be able to create a Pvt Club and invite other members to join. Joining of any Club is voluntary - members cannot be forced to join...
Scroll to Top
Scroll to Bottom
Go to Mobile site
Important Note: This website NEVER solicits for Money or Donations. Please beware of anyone requesting/demanding money on behalf of IRI. Thanks.
Disclaimer: This website has NO affiliation with the Government-run site of Indian Railways. This site does NOT claim 100% accuracy of fast-changing Rail Information. YOU are responsible for independently confirming the validity of information through other sources.
India Rail Info Privacy Policy