Go First will need to raise funds: Resolution professional

Go First will need to raise funds to continue as a going concern, its newly appointed resolution professional informed staff on Thursday, according to a source with direct knowledge of the matter.

The low-cost carrier was granted bankruptcy protection on Wednesday by a tribunal in New Delhi that appointed Abhilash Lal of Alvarez & Marsal as its interim resolution professional.

“We’re working on a very tight schedule, we have to get the business back running… We have to raise the funds to do it,” the source quoted Lal as telling employees in a virtual townhall meeting.

The source was not authorised to speak to media and declined to be identified. Go First did not immediately respond to a request for comment.