Lenders set to clear Rs 400 crore to bring Go First back on runway
Go First’s lenders have agreed in principle to support the airline’s request for Rs 400 crore interim funding to restart its operations.
The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline’s resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline’s committee of creditors (CoC).
The CoC comprises Go First’s lenders — Bank of Baroda, Central Bank of India, Deutsche Bank, and IDBI Bank — which collectively have an exposure of over Rs 6,500 crore to the airline. Bank representatives met again on Thursday to discuss the airline’s funding request.
