Bankrupt Indian carrier JetAirways may have dropped from your radar, but South American investors Synergy, who own Avianca, and another Russian energy consortium, that goes by the name of Treasury RA Creator, are actually trying to get the airline up and running with a buyout.
The trouble is the airlines total debts now exceed US$4.2 billion and nobody is exactly lining up to pay them off. It’s assets are at best worth one tenth of that.
Etihad is sitting on the sidelines, having seen its 49% ownership wiped out and now technically liable for some of the debt, which it disputes.
Meanwhile it’s founder, Naresh Goyal is being investigated for diverting loans to the company and aircraft lease payments to offshore accounts. Allegedly millions have been found siphoned off to bank accounts around the world.