Key Points
The resolution professional (RP) overseeing bankrupt Go First Airlines has extended the voting deadline for lenders to allow them to decide whether they want to weigh the latest expressions of interest from SpiceJet and two other investors after some creditors sought more time to arrive at a decision, three people familiar with the process said...
"Among the creditors, a large public sector bank which is a key creditor wants more time since the approval to extend the process needs to be ratified by its board..
RP Shailendra Ajmera had called for the voting after receiving unsolicited interest from the three entities last month for conducting due diligence on the grounded airline.. Sharjah-based aviation company Sky One, Africa-focused Safrik Investments and homegrown budget airline SpiceJet had shown interest in acquiring Go First after the deadline for making proposals passed, ET reported on December 18...
So, we may see fresh bids to take over the airline though no one is enthusiastic about the valuations since this airline has now been grounded since May last year," a second person said.. Go First owes creditors more than 6,200 crore..
Lenders have continued the arbitration started by Go First's erstwhile management, seeking more than $1 billion from P&W, blaming it for supplying faulty engines that were not replaced on time, resulting in the grounding of half the airline's fleet and pushing it towards bankruptcy...
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