Go First Lenders Extend EOI Deadline

16 Jan 2024 CW Team

Four Potential Buyers Emerge

The Committee of Creditors (CoC) has decided to accommodate only the four candidates that have expressed interest in acquiring Go First. These four parties are:

SpiceJet: India's second-largest airline, SpiceJet, is seen as a frontrunner in the race for Go First. The airline has previously expressed interest in expanding its fleet and network, and acquiring Go First would provide them with a significant boost in both areas. Sky One: Headquartered in Sharjah, Sky One is a relatively new entrant in the aviation industry. However, the company's recent acquisition of a stake in TruJet demonstrates its ambitions in the Indian market. Safrik Investments: This South African investment firm is a relatively unknown entity in the aviation sector. However, its participation in the bidding process suggests that there may be international interest in Go First. NS Aviation: This new entrant in the list of parties that have expressed interest for the airline is the company that acquired a stake in TruJet last year. Data Room Access and Next Steps

In the coming weeks, a data room will be made accessible to the potential buyers. This will allow them to examine the company's financials, assets, liabilities, and employee strength. This information will be crucial in determining the company's valuation and submitting competitive bids.

Following the bid submission, the Resolution Professional (RP) and lenders will consider a resolution plan that will cover aspects like the restart of operations, employee count, required aircraft, etc.

Grounded Fleet Awaits Revival

The grounded airline currently has 56 aircraft in its fleet. The successful bidder will need to develop a plan to get these planes back in the air and start generating revenue. The future of Go First and its employees now rests in the hands of the four potential buyers.

It remains to be seen which party will emerge victorious in this bidding process. However, one thing is certain: the revival of Go First is essential for the Indian aviation industry, which has been struggling in recent years.

In a bid to revive the fortunes of debt-laden airline Go First, lenders have extended the deadline for submitting Expressions of Interest (EOI) to January 31st. This move comes after the initial deadline lapsed without any formal bids being received. Four Potential Buyers Emerge The Committee of Creditors (CoC) has decided to accommodate only the four candidates that have expressed interest in acquiring Go First. These four parties are: SpiceJet: India's second-largest airline, SpiceJet, is seen as a frontrunner in the race for Go First. The airline has previously expressed interest in expanding its fleet and network, and acquiring Go First would provide them with a significant boost in both areas. Sky One: Headquartered in Sharjah, Sky One is a relatively new entrant in the aviation industry. However, the company's recent acquisition of a stake in TruJet demonstrates its ambitions in the Indian market. Safrik Investments: This South African investment firm is a relatively unknown entity in the aviation sector. However, its participation in the bidding process suggests that there may be international interest in Go First. NS Aviation: This new entrant in the list of parties that have expressed interest for the airline is the company that acquired a stake in TruJet last year. Data Room Access and Next Steps In the coming weeks, a data room will be made accessible to the potential buyers. This will allow them to examine the company's financials, assets, liabilities, and employee strength. This information will be crucial in determining the company's valuation and submitting competitive bids. Following the bid submission, the Resolution Professional (RP) and lenders will consider a resolution plan that will cover aspects like the restart of operations, employee count, required aircraft, etc. Grounded Fleet Awaits Revival The grounded airline currently has 56 aircraft in its fleet. The successful bidder will need to develop a plan to get these planes back in the air and start generating revenue. The future of Go First and its employees now rests in the hands of the four potential buyers. It remains to be seen which party will emerge victorious in this bidding process. However, one thing is certain: the revival of Go First is essential for the Indian aviation industry, which has been struggling in recent years.