SpiceJet shows interest in buying bankrupt Go First – StartUp News

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Airline SpiceJet on Tuesday said it has expressed interest in acquiring Go First and plans to submit an offer after due diligence of the bankrupt airline.

Go First had stopped flight services from May 3 amid the financial crisis caused by ‘Pratt & Whitney engine’ problems. The company is currently going through the insolvency resolution process.

SpiceJet said in a filing to the stock exchanges that it has “expressed interest to the solution professional of Go First.” It intends to submit a proposal after due diligence with a view to creating a strong and viable airline through a possible combination with SpiceJet.”

The company also said that “its board of directors has recently approved the process of raising new capital of approximately US $ 270 million with the aim of strengthening its financial position and providing resources for investment in growth plans.” “

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First Published – December 19, 2023 | 12:05 PM IST
(Business Standard staff has changed only the headline and photo of this report; the rest of the news has been published without any changes from a shared news source.)

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