The ultra-low-cost airline, Go First, filed for voluntary insolvency and cancelled its flights till May 12 while JP Morgan Chase Bank came to the rescue of First Republic, another embattled US financial firm to fail after Silicon Valley Bank (SVB). This and more in our weekly wrap of the top five business stories that made headlines:
1. After filing for voluntary insolvency before the National Company Law Tribunal (NCLT) earlier this week, cash-strapped airline Go First on Friday announced the suspension of flights till May 12. The tribunal will also hear two petitions seeking insolvency proceedings against the crisis-hit airline on Monday. The Wadia-group owned air carrier has blamed “faulty” Pratt & Whitney-an American aerospace manufacturer-engines for the grounding of about half its fleet leading to the bankruptcy filing.
