Bid for bankrupt Go First airlines raised by SpiceJet's Ajay Singh
26 Mar 2024
1 Min Read
CW Team
Ajay Singh, Chairman and Managing Director of SpiceJet, has increased the bid for Go First, a bankrupt Indian airline, following pressure from lenders. The consortium, including Singh and Busy Bee Airways, raised the offer by Rs 1-1.5 billion, up from the original bid of Rs 16 billion. Sources, who requested anonymity, revealed this information, as official comments from Go First's resolution professional, Singh, or Busy Bee's majority shareholder Nishant Pitti were not immediately available.
Go First, which filed for bankruptcy last year in May 2023, garnered interest from two bidders in its bankruptcy process, the other being Sharjah-based Sky One Airways. Both bids fell short of creditors' expectations, leading to a request for upward revisions. Go First's outstanding debt amounts to Rs 65.21 billion, owed to several creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank. The Committee of Creditors (CoC) is currently engaged in discussions with Sky One Airways.
The joint bid by Ajay Singh and Busy Bee will be deliberated upon in the upcoming CoC meeting, expected to convene early next week. Lenders are anticipated to provide feedback to the bidders by 28 March as negotiations continue to determine the future of Go First.
Ajay Singh, Chairman and Managing Director of SpiceJet, has increased the bid for Go First, a bankrupt Indian airline, following pressure from lenders. The consortium, including Singh and Busy Bee Airways, raised the offer by Rs 1-1.5 billion, up from the original bid of Rs 16 billion. Sources, who requested anonymity, revealed this information, as official comments from Go First's resolution professional, Singh, or Busy Bee's majority shareholder Nishant Pitti were not immediately available.
Go First, which filed for bankruptcy last year in May 2023, garnered interest from two bidders in its bankruptcy process, the other being Sharjah-based Sky One Airways. Both bids fell short of creditors' expectations, leading to a request for upward revisions. Go First's outstanding debt amounts to Rs 65.21 billion, owed to several creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank. The Committee of Creditors (CoC) is currently engaged in discussions with Sky One Airways.
The joint bid by Ajay Singh and Busy Bee will be deliberated upon in the upcoming CoC meeting, expected to convene early next week. Lenders are anticipated to provide feedback to the bidders by 28 March as negotiations continue to determine the future of Go First.
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
