Troubled airline Go First's committee of creditors last week reportedly approved an interim funding of Rs 450 crore to restart its operations. Reports say that the approval of the creditors committee is in-principle in nature. After the approval, the respective banks also need to get the go-ahead from their boards. The creditors committee of the airline comprises Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank. 

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Go First has been finding increasingly difficult to restart its operations for long. In its statement on June 24, the company said that it has continued its cancellation of flights till June 28.

It filed for voluntary insolvency on May 3.

As per the filings with the National Company Law Tribunal, the airline owes Rs 6,521 crore to its financial creditors.

Out of this huge amount, as much as Rs 1,300 crore has been drawn under the emergency credit line guarantee scheme.

If dues of the vendors are also included, the airline's total dues swells to Rs 11,463 crore.

Go First, however, is working on revival plan to restart its operations. It is soon expected to submit its final plan to the regulatory authority, the Directorate General of Civil Aviation (DGCA). 

Go First’s resolution professional Shailendra Ajmera also had a meeting with DGCA officials last week, where he informed them about CoC meetings.

Go First has also submitted its first revival plan to the DGCA for a six-month period. The airline said that it had 400 pilots on its rolls.

The airline also informed the DGCA that oil marketing companies (OMCs) are also offering their support to it.

However, even before the airline filed for insolvency, OMCs had put the condition of cash and carry, which means the airline had to clear its dues every day.