Key Points
Creditors of cash-strapped airlines Go First have approved interim finance of Rs 425 crore aimed at reviving the airline..
While an in-principle approval for the interim finance has been granted, the plan is subject to the boards of the respective banks approving the same...
Central Bank of India, Bank of Baroda, and IDBI Bank are the consortium lenders to the airline..
The low-cost carrier's resolution professional Shailendra Ajmera had sought Rs 425 crore in interim finance from the airlines financiers to get a revival plan going that could help restart operations, multiple sources told ET on Saturday...
Early this May, Go First filed for bankruptcy at the National Company Law Tribunal (NCLT) and suspended its flight operations due to rising losses, primarily due to delays in the delivery of Pratt and Whitney's engines leading to the grounding of a portion of its fleet..
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Go First files for bankruptcy, owes over Rs 11,000 crore: Check debt breakdown
03, May, 23The airline’s total liabilities to all creditors stood at over Rs 11,000 crore. This includes dues to banks, financial institutions, vendors, and aircraft lessors.
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26, Jun, 23The interim fund was proposed by the airline's resolution professional, Shailendra Ajmera. It was approved by the committee of creditors at a meeting earlier this week.