Go First, which is under bankruptcy protection, has approved interim funding of Rs 450 crore ($54.9 million) to resume operations and restart the airline, two banking sources said.
Go First was granted bankruptcy protection on May 10. Reuters reported last week that the airline has sought Rs 400 crore- 600 crore in additional funds from banks.
“This interim funding does not come with collateral, it will be a part of the insolvency cost and will be given priority over other dues,” said one of the bankers.
The promoters, however, have indicated that they do not intend to infuse more funds into the airline, the second banker said.
