News
Creditors agree “in-principle” to Go First US$52 million rescue package
June 26th 2023
According to India media, creditors of grounded India airline, Go First, have given in-principle support to a 4.3 billion rupee (US$52 million) interim finance package. Read More » The funds require the approval of several banks, or consortium lenders, to the LCC, weekend media reports said. Go First's grounding of operations is approaching two months in duration following yet another extension. “We regret to inform [the public] that due to operational reasons, Go First flights scheduled till June 28, 2023 have been cancelled,” the statement on Go First's website said. “As you are aware, the company has filed an application for immediate resolution and revival of operations. We will be able to resume bookings shortly.” The airline, majority-owned by Wadia Group, grounded all of its aircraft at the start of May and filed for insolvency with India's National Company Law Tribunal, reporting “issues” with the Pratt & Whitney engines that power the LCC’s A320 family fleet.
