TBM Staff - Mumbai In the latest developments surrounding struggling airline Go First, sources reveal that the deadline for submitting financial bids for the acquisition of the airline has been set for January 31. Go First had filed for bankruptcy protection back in May, and despite efforts to secure new investors, lenders have been contemplating liquidation.
However, in a recent turn of events, banks involved have decided to give the resolution process another chance. The move is aimed at providing an opportunity for potential suitors who have previously expressed interest to submit concrete bids. A banker from a state-run bank with exposure to Go First stated, “Banks have decided to give the resolution process another go and allow those suitors who have shown prior interest a chance to submit a concrete bid.”
Several entities have shown interest in acquiring Go First, including SpiceJet, which announced last month that it was considering an offer after completing due diligence. Other interested parties include Sharjah-based Sky One, Africa-focused Safrik Investments, and U.S.-based NS Aviation.
As of now, there is no immediate response from Sky One, Safrik Investments, and NS Aviation regarding their interest in the acquisition. It’s worth noting that the Committee of Creditors may also consider extending the January 31 deadline at the request of potential suitors, providing additional flexibility in the ongoing acquisition process.
