Lenders slash Go First land price in fresh recovery bid

MUMBAI: Lenders to the defunct Go First Airlines, led by Central Bank of India, are making a third attempt to recover some dues from the company’s 94-acre land parcel in Thane even as arbitration proceedings, initiated by the erstwhile airline owners and pursued by the lenders, against engine maker Pratt & Whitney (P&W) continue.

Lenders have set a reserve price of Rs 1,604 crore, down 10% from Rs 1,782 crore set in their last attempt in March this year, documents accessed by ET showed. Go First owes creditors more than Rs 6,200 crore in aggregate.