Pinnacle Air has emerged as the sole bidder for the Travel retail business of Future Retail Group, which is operating 85 stores under the WHSMITH brand. They are only the sole bidders who have submitted bids to revive the business as opposed to liquidation plans offered by the other five bidders.
As per close industry sources, Capt. Saraf, an industry veteran, and his team are looking to take over the company, which will not only revive the company but also save 707 jobs at stake.
Other bidders, excluding Space Mantra like Palgun Tech, Lehar Solutions, Sarvbishtha E-Waste Mgmt, and Goodwill Furniture, have all submitted plans to sell the company piecemeal.
The intent of the Insolvency and Bankruptcy Code has always been to ensure the survival and revival of corporate debtors, ie. Future Retail and its subsidiaries.
Capt Sandeep Saraf, promoter of Pinnacle Air, was of the opinion that the aviation industry is going through a rough patch and the industry needs help from more entrepreneurs like him to ensure that jobs are not lost, and support is provided to companies under stress.
Pinnacle Air, at present, has the plan to pay significant consideration upfront to creditors and assume current and contingent liabilities of the company.