Go First Bankruptcy: Airline asks lenders for Rs 100 crore emergency funding

Updated : Aug 14, 2023 13:55
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Editorji News Desk

Crisis-hit Go First has sought an emergency funding of Rs 100 crore from its lenders to keep itself afloat, reported Economic Times. As per the report, the airline is looking to meet its mandatory liability such as insurance and repair.

As per Economic Times' sources, the resolution professional Shailendra Ajmera has requested banks for funds based on their voting share within the CoC. The report also mentioned that the request for emergency funding has gone to the corporate office of the Central Bank of India and Bank of Baroda and a decision is likely in the next day or two.

Also Read: NCLT refuses to restrain Go First from flying leased planes

Deutsche Bank has 25% voting share, while Bank of Baroda and Central Bank together have 72% voting share and IDBI Bank has the remainder.

This comes after the Supreme Court dismissed Go First's plea against a Delhi High Court order that permitted lessors to examine their aircrafts. Go First had ceased operations in May and initiated voluntary insolvency procedure, attributing the grounding of almost half of its 54 Airbus A320neos to purportedly “faulty” Pratt & Whitney engines. 

Go First

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