Go First Grounded Airline Seeks Investors To Save Business
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Go First Grounded Airline Seeks Investors To Save Business

Go First Grounded Airline Seeks Investors to Save Business

A court-appointed Resolution Professional (RP) to oversee the ongoing insolvency process of Go Airlines has invited an Expression of Interest (EOD) from potential investors.

On Monday, the airline, which operates Go First, put out a newspaper advertisement regarding the EoD with relevant details. The last date for receipt of interest by investors is August 9. The date for the provisional list of prospective resolution applicants and submission of objections to the list is August 19 and August 24, respectively.

The process of inviting an Expression of Interest (EoI) signifies the formal commencement of seeking buyers or investors for a potential investment.

The airline operator filed for voluntary bankruptcy in early May before the National Company Law Tribunal (NCLT), alleging delays on the part of a US-based engine maker, Pratt & Whitney, for its inability to promptly meet obligations, leading to the grounding of a portion of its fleet.

The airline has approximately 4,200 employees, and it reported total revenue from operations at Rs 4,183 crore in the financial year 2021-22.

There were reports that the grounding of the Go First flights had put pressure on airfares, particularly on select routes where the now-grounded airline had its footprint.


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