Go First asks lenders for urgent funding of Rs 100 crore

economictimes.indiatimes.com:

Go First has sought an urgent funding of Rs 100 crore from the distressed airline’s lenders to keep it afloat by meeting its mandatory liabilities such as insurance, people aware of the matter told ET. This emergency funding will be used for critical expenses such as insurance and repairs, RP Shailendra Ajmera, backed by EY, told lenders in the creditors’ committee. “The funds are required to cover critical expenses such as insurance and repairs, essential to sustain operations,” one of the sources said. “The RP has requested banks for funds based on their voting share within the CoC.” This comes after the Supreme Court on August 7 dismissed Go First’s plea against a Delhi High Court order permitting lessors to examine their aircraft. The request for emergency funding has gone to the corporate office of the Central Bank of India and Bank of Baroda and a decision is likely in the next day or two, the person cited above said.Deutsche Bank holds a 25% voting share, while Bank of Baroda and Central Bank together have 72% voting share and IDBI Bank has the remainder.

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Shailendra Ajmera did not respond to requests for comment until press time on Sunday. The Delhi High Court recently allowed aircraft lessors to inspect planes they have lent to Go First. The order was later upheld by a division bench of the court. The airline initiated bankruptcy protection in May, attributing the grounding of almost half of its 54 Airbus A320neos to purportedly “faulty” Pratt & Whitney