BusinessEconomyNews

Go First extends deadline of financial bids to acquire airline, EOI submission till Jan 19

In a recent development, the lenders of cash-strapped Go First have extended the deadline for financial bids to acquire the airline by January 31, a source aware of the development told IANS on Monday.

New Delhi, Jan 15,2024:  In a recent development, the lenders of cash-strapped Go First have extended the deadline for financial bids to acquire the airline by January 31, a source aware of the development told IANS on Monday.

Sky One, an aviation company headquartered in Sharjah, US-based NS Aviation and SpiceJet have shown interest in acquiring the financially-troubled Go First.

“Sky One is interested in the ongoing acquisition but it is too premature to comment on any details,” the airline told IANS.

The entities had approached Shailendra Ajmera, the Resolution Professional overseeing Go First’s Corporate Insolvency Resolution Process (CIRP), seeking permission for due diligence on the grounded airline.

“Please note that SpiceJet Limited (the ‘Company’ or ‘SpiceJet’) has expressed interest with the Resolution Professional of Go First and wishes to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet.

“The Board of the Company has recently approved and initiated the process of raising fresh capital of about $270 million to strengthen its financial position and provide resources to invest in growth plans,” SpiceJet said in a BSE stock exchange filing in December.

According to sources, the Go First Creditors’ Committee has opted to prolong the Expression of Interest (EOI) submission deadline for the airline until January 19.

Additionally, potential bidders are tentatively expected to submit their bids by January 31, taking into consideration the statutory 270-day limit for the CIRP under bankruptcy law, which concludes on February 4 for Go First but may be extended if necessary.

Related Articles

Back to top button