Additional details concerning the joint bid by Ajay Singh and Nishant Pitti to buy Go First (Mumbai International) have come to light, with the duo reportedly bidding INR16 billion (USD193 million) to buy the insolvent LCC. INR10 billion (USD120.7 million) is to cover acquisition costs, and INR6 billion (USD72.3 million) is for restart costs.
A report by Reuters cites bankers who attended a committee of creditors (CoC) meeting on February 23, 2024. This follows separate reports last week that Singh, the Chairman and Managing Director of SpiceJet (SG, Delhi International), and Pitti, the majority shareholder of Busy Bee Airways, had lodged a formal bid to buy Go First, and intended to sell off several of its assets, including real estate holdings and slot pairs.
Go First stopped flying in May 2023. Creditors have since lodged claims for INR65.21 billion (USD786.8 million), including INR19.87 billion (USD239.7 million) from the Central Bank of India, INR14.3 billion (USD172.5 million) from the Bank of Baroda, INR13.2 billion (USD159.3 million) from Deutsche Bank, and INR580 million (USD7 million) from the IDBI Bank.
Sharjah-based Sky One Airways has also lodged a competing bid to acquire Go First. However, neither that entity nor parties associated with it have disclosed financial details of their offer.
