Create Post
SpiceJet expresses interest in buying bankrupt Go First
Cash-strapped SpiceJet Ltd has evinced an interest in acquiring bankrupt airline Go First. In a notification to the exchanges on Tuesday, the airline said it has, “expressed interest with the Resolution Professional of Go First and wish(es) to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet." Go First has remained grounded since May. The airline has a fleet of 54 Airbus SE A320neos. The no-frill carrier has filed for voluntary bankruptcy proceedings amid financial woes, mainly triggered by Pratt & Whitney engine issues. The lenders to Go First plan to scout for litigation finance to bring home up to ₹12,000 crore tied up in various lawsuits, as the bankrupt airline stares at likely liquidation. The amount includes an arbitration award that it won against engine maker Pratt & Whitney at the Singapore International Arbitration Centre (SIAC) earlier this year, as well as several other lawsuits under way. Earlier, Jindal Power had emerged as the potential buyer for the airline, but the deal fell through. Source - Mint
- 0
- 0
- ₹0
