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Go First lenders likely to extend deadline seeking investor interest


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<p>Representative Image</p>
Representative Image

The deadline for submitting preliminary interest to bid for insolvent Go Airlines (India) is likely to be extended by another two-to-three weeks amid lack of any such application by suitors, two banking sources told media on Friday.

The resolution professional for the company, which operated the Go First carrier, had in July invited investor interest on behalf of creditors after the airline filed for insolvency in May.

The deadline was initially set for Aug. 9, but was later extended to Sept. 8.

“There is no formal EoI (Expression of Interest) as on the September 8 deadline,” said a banker with a state-run bank that has exposure to the carrier.

CCI green light to Tata SIA Airlines-Air India merger, Singapore Airlines' stake acquisition

The proposed combination outlines a multifaceted arrangement: firstly, the merger of Tata SIA Airlines Limited, operating under the brand name Vistara into Air India Limited (AIL), with AIL surviving as the amalgamated entity. Secondly, Singapore Airlines Limited (SIA) and Tata Sons Private Limited will acquire shares in the merged entity. Additionally, SIA will gain further shares through a preferential allotment.

The bankers did not wish to be identified as they were not authorised to speak to the media. Go Airline’s resolution professional, who conducts the insolvency process, did not immediately respond to a Reuters request for comment. “Three-to-four bidders have informally expressed interest in bidding for the airline but need some more time to conduct due diligence,” the second banker said.

“The RP (resolution professional) will be asking for a 15-20 day extension to submit EoIs.”

The Go First bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among its creditors to whom the carrier owes a total of 65.21 billion rupees ($785.62 million).

  • Published On Sep 9, 2023 at 09:01 AM IST

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