Michael Koish, chief investment officer, Challenge Group, which is the parent company of Malta-based Ace Aviation, said it has conversion slots in early 2025 to convert passenger aircraft to freighter and for that they needed the acquisition of the assets soon. However, the lack of cooperation from both the lenders of Jet Airways and the successful bidder for the airline, Jalan Kalrock Consortium, forced them to procure another aircraft from the market.
“We have secured several conversion slots starting the first quarter of 2025. We initially aimed to finalize the purchase of these Jet aircraft by mid-2024 to meet this deadline. However, the lack of cooperation from the banks and the SRA (Successful Resolution Applicant, that is JKC) has delayed the deal significantly. As a reminder, we signed an LOI (Letter of Intent) and injected $5.6 million into Jet account two years ago. Under the resolution plan, the deal was supposed to be closed within 45 days, yet two years have elapsed with no progress, and they keep dragging their feet,” he said.
Denne historien er fra October 05, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 05, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
A singular life in plural India
In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.
11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway
An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.
FMCG firms roll out tailored offerings for golden years
Affluent and health conscious, mature consumers are becoming selective about what they buy. Businesses are stepping up to meet their needs
SPHERES OF INFLUENCE
New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections
Accenture Q1 showing a shot in arm for IT stocks
Strong US economy bodes well for Indian IT firms, say analysts
Sun Pharma: Down, but not out
Despite short-term blip, pharma major remains favourite among investors
Mirae Asset MF's AUM crosses ₹2 trn mark
Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.
PIL in HC seeks action against Amfi for 'misleading' ads
A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.
IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day
The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.
Debt funds to deliver best show in 4 yrs
Strong performance attributed to bond index inclusion and fiscal prudence, say experts
