Key Points
Creditors of cash-strapped airline Go First have approved an interim fund of Rs 425 crore to help revive the airline..
The interim fund was proposed by the airline's resolution professional, Shailendra Ajmera..
The approval of the interim fund is a major step forward for Go First, which is hoping to resume operations in July...
Once the fund is received, Go First will be able to start the process of restarting operations, which will depend on approval from the Directorate General of Civil Aviation (DGCA)...
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Go First creditors approve Rs 425 cr interim fund to revive airline, await board nod
25, Jun, 23Go Firsts creditors have approved a business plan for revival of the airline. As part of the business plan, the Go Firsts RP has sought Rs. 425 crore of interim finance. An in-principle approval for the interim finance has been granted but is subject to the boards of the respective banks approving the same. Central Bank of India, Bank of Baroda, IdBi Bank are the consortium lenders to the airline.
Go First secures ₹450 cr funding
26, Jun, 23While an in-principle approval for interim funds has been granted, the plan is subject to approval from the respective boards of the banks