Go First invites investor interest for insolvency
Go First has invited investor interest in the company through a court-appointed administrator as part of the carrier’s ongoing insolvency, a newspaper advertisement showed on Monday. The process is in line with procedural requirements under Indian law.
Two bankers aware of the developments told Reuters on Monday that they expect Indian conglomerate Wadia Group – which used to own Go Airlines before it started bankruptcy proceedings – to be part of its insolvency process.
The Wadias, however, have not communicated their intent directly to bankers, they said. Go Airlines and Wadia Group’s Ness Wadia did not immediately respond to a Reuters request for comment.
Go Airlines, which operated the Go First carrier, filed for bankruptcy protection in May blaming “faulty” Pratt & Whitney engines for the grounding of about half its 54 Airbus (AIR.PA) A320neos. The engine maker had said the claims are without merit.