A few weeks back, the South American company expressed its interest in buying Jet Airways and earlier this week they signed the NDA.

Synergy is the majority stakeholder in Avianca Airlines which is the second-largest airline in South America. It also has a code-share partnership with Air India under which it shares the specific flight details.

Although, the airline is yet to deposit the mandatory access fee. As it is known, it is necessary for the potential bidder to submit the fee in order to get access to data room but Jet has very few prospects that’s why the lenders have waived off the deposit fee. The signing of the agreements clearly indicates the company is serious about the acquisition.

Synergy is eyeing at least 49 percent stake in the airline. Synergy is expected to ask for a 60-80 percent haircut from the lenders of Jet Airways as it was the pre-condition to pick the equity in the airline. The company can also ask the lenders to convert 10-20 percent of their total debt in equity.

This revival plan includes downsizing of the current workforce of 14,000 employees to 7,000 employees.

The founder of Synergy Group German Efromovich is likely to meet the lenders of Jet Airways and Civil Aviation

As part of the plan to revive the airline, there could be a demand for downsizing the workforce from the current 14,000 employees to 7,000.

Synergy Group’s founder German Efromovich is likely to meet Jet lenders and Civil Aviation Ministry officials during a visit scheduled for September 15.

With Synergy group showing such interest, we hope that Jet Airways is revived.