“Go First Lenders Ask for Investor Offers by January 31, According to Reports”
In a bid to salvage the future of struggling airline Go First, lenders have set a crucial deadline of January 31 for financial bids from potential investors, according to banking sources. This move comes after Go First filed for bankruptcy protection in May, and with recent attempts to secure new investors proving unsuccessful, lenders are seeking resolution through a fresh round of bids.
In a bid to salvage the future of struggling airline Go First, lenders have set a crucial deadline of January 31 for financial bids from potential investors, according to banking sources. This move comes after Go First filed for bankruptcy protection in May, and with recent attempts to secure new investors proving unsuccessful, lenders are seeking resolution through a fresh round of bids.
Facing the prospect of liquidation, Go First’s lenders have opted to give the resolution process another chance by inviting potential suitors who have previously expressed interest to submit concrete financial bids. A banker from a state-run bank involved with Go First noted, “Banks have decided to give the resolution process another go and allow those suitors who have shown prior interest a chance to submit a concrete bid.”
SpiceJet, an Indian carrier, disclosed last month that it was contemplating an offer for Go First after conducting a thorough due diligence process. Alongside SpiceJet, international entities such as Sharjah-based Sky One, Africa-focused Safrik Investments, and US-based NS Aviation have also expressed interest in acquiring Go First, as reported by two banking sources.
While Sky One, Safrik Investments, and NS Aviation have yet to respond to requests for comments, the Committee of Creditors may consider extending the deadline if a potential suitor requests an extension, according to a second banking source. Both sources chose to remain anonymous as they are not authorized to speak to the media.
Go First’s resolution professional, responsible for overseeing the insolvency process, has not provided immediate comments in response to media inquiries.
The bankruptcy filing of Go First reveals a list of creditors, including Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, to whom the airline owes a total of 65.21 billion rupees ($784.38 million). As the airline navigates this critical phase, the resolution efforts and investor interest will play a pivotal role in determining the fate of Go First in the coming days.
Sources By Agencies
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