Bankrupt Indian Airline Go First Gets Two Financial Bids, Say Bankers

2024-02-24 04:30:31

(MENAFN- Khaleej Times) India's Go First has received two financial bids as part of its bankruptcy process, said two bankers who attended a meeting of the airline's creditors held on Friday.

Budget carrier SpiceJet's managing director, Ajay Singh, and Busy Bee Airways have jointly submitted a bid of 16 billion rupees ($193.10 million) for the airline, the bankers said.

"The plan includes additional fund infusion to restart the airline's operations," said a banker with a state-run bank that has exposure to Go First.

The bankers did not wish to be identified as they are not authorised to speak to the media. Go First's resolution professional, who conducts the bankruptcy process, Singh and Spicejet did not respond to emails seeking comment.

"Our bid for launching the airline remains confidential, guarded by the Committee of Creditors (CoC) until a successful bidder is announced," Nishant Pitti, majority shareholder of Busy Bee Airways, said.

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