One of the two bidders for bankrupt Indian airline Go First has increased its offer after being prompted by lenders. The consortium, led by SpiceJet's managing director Ajay Singh and Busy Bee Airways, raised the bid amount by Rs 100-150 crore, bringing the total to Rs 1,700-1,750 crore.
Go First, which filed for bankruptcy in May 2022, received two financial bids as part of its bankruptcy process. The second bid came from Sharjah-based Sky One Airways. The initial bid amounts from both bidders were below the expectations of the Committee of Creditors (CoC), leading to a request for revised offers.
The CoC, through the resolution professional, is also in discussions with Sky One Airways. The next CoC meeting is scheduled for early next week, where Singh and Busy Bee's joint bid will be discussed. Lenders are expected to provide feedback to the bidders by March 28.
Go First's bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank among its creditors, with a total debt of Rs 6,521 crore.