Pinnacle Air (Delhi International) has been selected as one of the 48 potential buyers for Future Retail Limited (FRL).
The Future Group is a struggling supermarket operator in India currently undergoing insolvency resolution proceedings.
Pinnacle Air Bid for Future Retail
As per various Indian news reports, Pinnacle Air (Delhi International), an Indian passenger charter airline, has reportedly submitted an expression of interest (EOI) for Future Retail Limited (FRL) and has been shortlisted as one of the 48 bidders for the struggling retail chain.
The shortlist includes several major companies, such as Reliance Retail, India’s largest retailer. Adani Airport back April Moon Retail, Jindal Steel and Power Limited, a leading Indian steel company. Also, WH Smith Travel, a UK-based travel retailer, and J.C. Flowers & Co., a private equity investment firm based in the US.
The Resolution Professionals of Future Retail Limited (FRL) published the final list of “Eligible Prospective Resolution Applicants” on April 24, 2023, as reported by Daily Pioneer.
The creditors of FRL invited new expressions of interest (EOIs) on March 23, 2023. Subsequently, the debt-ridden supermarket operator failed to attract a resolution plan in over four months. Furthermore, the prospective buyers could bid for the firm “as a going concern or individual cluster or a combination of clusters of its assets.”
Earlier in April 2023, the National Company Law Tribunal (NCLT) bench in Mumbai provided Future Retail Limited (FRL) with a 90-day extension until July 15, 2023. To finalize its Corporate Insolvency Resolution Process (CIRP) reported Ch-aviation.
Pinnacle Air, a Delhi-based passenger charter airline, offers business charter flights, aviation consulting, aircraft sales, and Hindu pilgrimage tours.
It planned to begin domestic operations in August 2018 under India’s Regional Connectivity Scheme (UDAN). But it did not come to fruition.
The airline’s fleet comprises eight aircraft, including a Textron Aviation Cessna Citation and Cessna (single turboprop) Caravan, a Beech (twin turboprop) King Air, a Piaggio Avanti, two Bell Helicopter 407s, and a Partenavia P.68.
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