Go First Seeks Rs 600 Crore in Funding
In a bid to revive its operations after undergoing bankruptcy protection, Go First, the prominent airline, has initiated efforts to secure additional funding. According to banking sources who disclosed this information to Reuters, the airline presented its request for funds during a meeting with lenders held on Wednesday. Go First is seeking an infusion of capital ranging between ₹400 crores and ₹600 crores. The lenders are now set to evaluate the proposals within the next 48 hours.
With plans to resume operations in July, Go First is actively seeking the necessary financial support to facilitate its comeback in the aviation industry. One of the bankers involved in the process expressed optimism regarding the airline’s prospects, emphasizing the importance of securing the requested funds to enable a successful relaunch.
Go First
Go First, previously known as GoAir, had filed for bankruptcy protection due to the adverse impact of the COVID-19 pandemic on the aviation sector. The airline temporarily suspended its operations and utilized the bankruptcy protection framework to restructure its financial obligations and also chart a sustainable path forward.
Now, with the intention of resuming services in the near future, Go First recognizes the significance of securing the required funds to support its operations. The requested amount, ranging between ₹400 crores and ₹600 crores, will be instrumental in meeting various operational expenses, including fleet maintenance, employee salaries, and the necessary infrastructure to ensure a smooth restart.
The airline’s proactive approach in seeking additional funding showcases its commitment to bounce back from the challenging circumstances it has faced. The resumption of operations would not only serve as a testament to Go First’s resilience but also contribute to the gradual recovery of the aviation industry, bolstering connectivity and passenger confidence.
As the lenders deliberate on Go First’s proposals over the next 48 hours, the airline remains hopeful that their efforts will be met with a positive response. The successful procurement of the requested funds would not only aid in reviving the carrier but also position it favorably for long-term sustainability in a highly competitive market.
Therefore, as developments unfold, the aviation community eagerly awaits news of Go First’s funding outcome, anticipating the airline’s return to the skies and its contribution to the resurgence of the industry.
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