Jet Airways, India’s grounded private sector carrier, is expected to again take to the skies in six months with an initial fleet of seven aircraft in line with a revival plan, a report said.
A consortium of Murari Lal Jalan, a UAE-based businessman, and Kalrock Capital, a UK investment firm, won the takeover bid for the grounded airline last week.
The consortium has a November 3 deadline to submit a performance security bond of Rs1.5 billion, said a Khaleej Times report.
The debt-ridden airline is proposing an upfront payment of Rs4.87 billion to creditors in the initial stage as per the revival plan revealed by informed sources. The plan includes a post re-launch deferred payment of Rs5 billion, a fraction of the total Rs400 billion claims the airline currently faces, the report said.
As per the resolution plan, Jet Airways will sell its A330 and B737 aircraft and distribute the proceedings among its creditors.
Starting with domestic operations, the airline will be launching cargo and international operations.
The Jalan-Kalrock consortium will get more than 90 per cent stake in the grounded airline, while the rest would be distributed among lenders and some of the employees.
The plan of the consortium is to re-launch the full-service carrier with an initial investment of Rs10 billion after getting the final go-ahead from the National Company Law Tribunal which is hearing the insolvency proceedings. Once the NCLT approval is in, the investors are ready to take the airline to the skies within six months, the report said.