Go First Seeks Additional Funds Of Up To $122 Million

Low-cost airline Go First is actively seeking to raise additional funds amounting to up to $122 million. This move comes as the airline aims to strengthen its financial position and support its expansion plans amidst the challenging times faced by the aviation industry, Reported Reuters.

Go First is in the process of seeking additional funds in the range of 4 billion to 6 billion Indian rupees (approximately $122 million), according to insider sources. Lenders are expected to carefully evaluate the proposals within the next 48 hours.

The bankers preferred to remain anonymous as they were not authorised to speak to the media, disclosed that Go First aims to recommence operations in July. With a fleet of 22 aircraft, the airline intends to fly 78 times every day. However, it is important to note that Go First will also need to secure approval from India's aviation regulatory body for its plans to resume operations.

A number of circumstances, including regulatory permissions, will determine whether operations will resume as anticipated, another banker said.

According to the Go First bankruptcy filing, its creditors, who are due a total of 65.21 billion rupees, include the Central Bank of India (CBI.NS), the Bank of Baroda (BOB.NS), the IDBI Bank (IDBI.NS), and Deutsche Bank (DBKGn.DE). (1 dollar = 81.9868 Indian rupees)