Key Points
One of the two bidders for bankrupt Indian airline Go First has raised its offer following a nudge from lenders, two banking sources and a person aware of the development said on Tuesday..
The consortium, which includes budget carrier SpiceJet's managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees (or around 100-150 crore), one of the sources said..
Emails seeking comments from Reuters to Go First's resolution professional, who conducts the bankruptcy process, Singh, Spicejet and Busy Bee majority shareholder Nishant Pitti did not immediately get a response..
Go First, which filed for bankruptcy in May last year, received two financial bids as part of its bankruptcy process, the second being Sharjah-based Sky One Airways, Reuters reported..
"The bid amount in both the offers was far below the expectations of the Committee of Creditors (CoC) and would involve a deep haircut, which is why both the bidders were asked to revise their offer upwards," a banker with a state-run bank that has exposure to Go First said..
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