Go First acquisition: SpiceJet says interested in buying bankrupt Go First

Updated : Dec 19, 2023 15:08
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Editorji News Desk

SpiceJet on Tuesday announced its interest in acquiring Go First, intending to submit an offer post conducting due diligence on the bankrupt carrier.

Go First Undergoes Insolvency Amid Acquisition Buzz

Go First, which stopped flying since May 3 amid financial woes mainly triggered by Pratt & Whitney engine issues, is undergoing an insolvency resolution process.

In a regulatory filing, SpiceJet said it "has expressed interest with the resolution professional of Go First and wish to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet".

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Shares of the airline rose more than 4 per cent to Rs 66.83 apiece in the morning trade on the BSE.

The no-frills airline, which is grappling with financial headwinds, last week announced raising around USD 270 million from various investors.

"The Board of the Company has recently approved and initiated the process of raising fresh capital of about US$ 270 million to strengthen its financial position and provide resources to invest in growth plans," the filing said on Tuesday.

Apart from SpiceJet, Safrik Investments focused on Africa and Sharjah-based aviation company Sky One are also vying to acquire Go First, according to media reports. 

Go First

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