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Liquidation most likely fate of India LCC Go First
July 19th 2024
Creditors of Go First are moving towards liquidating the debt-laden carrier, despite a package offered by a consortium led by EaseMyTrip CEO Nishant Pitti, SpiceJet chairman Ajay Singh, and Sharjah-based Sky One Aviation, to rescue the airline, India’s Business Standard reports. Read More » Banks and prospective buyers have reached an impasse, leaving liquidation as the most viable option, it said. The insolvency process has been extended to August 3, with the Committee of Creditors (CoC) and resolution professionals being told to adhere strictly to this deadline as there will be no extensions to it. The CoC is finalizing a voting proposal for the airline’s liquidation after bids fell below expectations. Main terms and conditions are selecting a proposed liquidator, calculating the costs of liquidation and securing funding for the process.
DR SHAWN WILLIAMS says:
July 23rd 2024 09:51am