Go First Airlines, in middle of insolvency process, invites investor bids
Go First
India's Go First Airlines has invited investor interest in the company through an administrator appointed by the court. The carrier is in the middle of an insolvency process. A newspaper advertisement said on Monday (July 10) that the airline has invited an Expression of Interest (EoI).
The EoI signifies the formal commencement of seeking buyers or investors from a potential investment in line with requirements under Indian law.
Reuters said that Go Airlines did not respond to a request for comment.
In May, Go First Airlines filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines which it said were responsible for the grounding of about half of its 54 Airbus A320neos. Pratt & Whitney had said that claims from Go Airlines were without merit.
According to regulations, the issuance and publication of Form G - related to the invitation for EoI - would be the "prescribed next - step for taking the insolvency to its logical conclusion," said Abhirup Dasgupta, a partner at HSA Advocates.
"The final resolution will, however, be subject to the crystallisation of the rights of the lessors," Dasgupta, who specialises in insolvency law but is not involved in Go First's proceedings, said.
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Turbulent times
It has been a month of major turbulence for Go Airlines amid a surge in airfares to rattled aircraft lessor to thousands of employees staring at uncertainty. The cash-strapped airline GoFirst suspended flights from May 3.
As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival.
A section of Go First staff are optimistic about the operations restarting, while another is pessimistic, considering what happened to erstwhile Kingfisher Airlines and Jet Airways, reported Press Trust of India (PTI).
Earlier this week, senior executives of Go First discussed the revival plans with senior officials of the Directorate General of Civil Aviation (DGCA).
Apart from the uncertainty staring at more than 7,000 Go First staff, a significant fallout is the spike in air ticket prices on certain routes that used to be serviced by the airline, which was operating around 170-180 flights daily.
(With inputs from agencies)
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