Go First gets nod for Rs 450cr interim funds

Mumbai: Go First, the low-cost carrier currently under bankruptcy protection, has received approval for interim funding of Rs 450 crore from its lenders. The funding, approved during a joint lenders’ meeting over the weekend, is crucial for revival after the company’s aircraft were grounded in May following insolvency proceedings.

The decision to grant in-principle approval for the interim funds was made during the meeting, subject to the respective boards of the banks providing their final approval. The consortium of lenders includes Central Bank of India, Bank of Baroda, and IDBI Bank.

Go First had earlier indicated that the airline may require only Rs 200-250 crore to restart operations. This is because it anticipates generating cash once operations commence.