Go First lenders likely to extend deadline seeking investor interest - sources

Central Bank of India

08/09/2023 17:31

By Siddhi Nayak
       MUMBAI, Sept 8 (Reuters) - The deadline for submitting
preliminary interest to bid for insolvent Go Airlines (India) is
likely to be extended by another two-to-three weeks amid lack of
any such application by suitors, two banking sources told
Reuters on Friday.
    The resolution professional for the company, which operated
the Go First carrier, had in July invited investor interest on
behalf of creditors after the airline filed for insolvency in
May. 
    The deadline was initially set for Aug. 9, but was later 
extended to Sept. 8.
    "There is no formal EoI (Expression of Interest) as on the
September 8 deadline," said a banker with a state-run bank that
has exposure to the carrier.
    The bankers did not wish to be identified as they were not
authorised to speak to the media. Go Airline's resolution
professional, who conducts the insolvency process, did not
immediately respond to a Reuters request for comment.
    "Three-to-four bidders have informally expressed interest in
bidding for the airline but need some more time to conduct due
diligence," the second banker said. 
    "The RP (resolution professional) will be asking for a 15-20
day extension to submit EoIs."
    The Go First bankruptcy filing lists Central Bank of India
 CBI.NS , Bank of Baroda  BOB.NS , IDBI Bank  IDBI.NS  and
Deutsche Bank  DBKGn.DE  among its creditors to whom the carrier
owes a total of 65.21 billion rupees ($785.62 million).
    
($1 = 83.0040 Indian rupees)

 (Reporting by Siddhi Nayak; Editing by Arun Koyyur)
 ((Siddhi.Nayak@thomsonreuters.com; +91 22 6921 7848; Reuters
Messaging: Twitter: https://twitter.com/siddhiVnayak))