Bankrupt Jet Airways has agreed to sell its Netherlands business to KLM Royal Dutch Airlines, reports stated. If completed, the transaction would only involve a sale of part of the Jet Airways business activities and would not impact the shareholding pattern of the company in any manner, the company said in a statement dated January 16.
The domestic carrier, which shuttered operations last April, is undergoing insolvency resolution process.
The insolvency resolution professional managing the affairs of Jet Airways said various options are being explored for the “company’s resolution and maximising the value for its stakeholders”, as per the regulatory filing on Friday.
Additionally, the company said there is a separate liquidation proceeding ongoing in the Netherlands and that the resolution professional has agreed on a co-operation protocol with the Dutch trustee appointed by the local court.
“In this context, the company and Dutch trustee have entered into a conditional sale and purchase agreement with Koninklijke Luchtvaart Maatschappij NV, on January 13, 2020, for the proposed resolution of business activities of the company in the Netherlands as approved by the committee of creditors,” it added.
Koninklijke Luchtvaart Maatschappij NV is KLM, the flagship carrier of the Netherlands.
Shares of Jet Airways were trading 4.92 per cent lower than their previous close on BSE at Rs 45.40 apiece.
(With input from agencies)