Pinnacle Air (Delhi International) is among 48 companies that have been shortlisted as bidders for India's debt-ridden supermarket operator, Future Retail Limited (FRL), which is going through an insolvency resolution process.
According to several Indian news reports, the Indian passenger charter airline submitted an expression of interest (EOI) for the retail chain and has made it to the shortlist, which also includes corporate giants such as India's largest retailer Reliance Retail; the Adani Airport-backed April Moon Retail; Indian steel company Jindal Steel and Power Limited; leading UK-based travel retailer WH Smith Travel, and US private equity investment firm J.C. Flowers & Co.
Daily Pioneer reported the Resolution Professionals of FRL published the final list of "Eligible Prospective Resolution Applicants" on April 24, 2023.
On March 23, 2023, creditors of FRL invited new EOIs whereby prospective buyers could bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets" after it had failed to attract a resolution plan in more than four months.
Earlier this month, the Mumbai bench of the National Company Law Tribunal (NCLT) granted FRL an extension of 90 days to July 15, 2023, to conclude its Corporate Insolvency Resolution Process (CIRP).
ch-aviation has reached out to Pinnacle Air for comment.
According to its website, Pinnacle Air specialises in business charter flights, aviation consulting, aircraft sales, and Hindu pilgrimage tours. It planned to start scheduled domestic operations in August 2018 under India's Regional Connectivity Scheme (UDAN) however, this never materialised. Its fleet reportedly includes 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.
