Bid for bankrupt Go First airlines raised by SpiceJet's Ajay Singh
AVIATION & AIRPORTS

Bid for bankrupt Go First airlines raised by SpiceJet's Ajay Singh

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
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?