Go First crisis: SpiceJet, 2 others in race to acquire the grounded airline

Updated : Dec 18, 2023 18:53
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Editorji News Desk

Go First Crisis: India's SpiceJet is reportedly in race with Africa-focused Safrik Investments and Sharjah-based aviation company Sky One to acquire Go First. As per media reports, the three have requested the resolution professional overseeing Go First's corporate insolvency resolution process (CIRP) to conduct due diligence on the grounded airline.

Interest on Go First

The interest comes weeks after the deadline for making proposals passed and lenders started considering Go First’s liquidation. As per The Economic Times, all of the three entities have sought an extension of the deadline, adding that the committee of creditors will now meet to decide if an extension can be granted.

Liquidation attempt

As no bids were received till the last date on November 22, lenders have been contemplating liquidation. Lenders also believe that the airline was not receiving any bids due to the legal and operational issues. The options they had after November 22 was to extend the deadline or proceed towards liquidation.

Also Read: Bankrupt Go First's CEO Kaushik Khona resigns

As per Business Today, Jindal Steel and Power promoter Naveen Jindal’s expression of interest (EOI), the only preliminary inquiry to make it as a bidder did not translate into a final bid as he neither bid nor asked for an extension of the timeline.

As per Moneycontrol, SpiceJet is considered a serious contender but the airline's ongoing struggle for its survival has led bankers to approach the situation with scepticism

 

 

 

Go First

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