India's Go First seeks up to $122 mln in additional funds -banking sources (updated)

Central Bank of India

21/06/2023 17:11

(Adds detail, paragraphs 3-7)
    By Siddhi Nayak
       MUMBAI, June 21 (Reuters) - Indian airline Go First,
which is under bankruptcy protection as it tries to resume
operations, has sought additional funds at a lenders meeting on
Wednesday, banking sources told Reuters.
    The airline is asking for between 4 billion and 6 billion
Indian rupees ($122 million) in additional funds, the sources
said, with lenders expected to evaluate proposals in the next 48
hours.
    None of the bankers wished to be identified because they
were not authorised to speak to the media.
    Go First plans to resume operations in July and operate 78
daily flights with 22 aircraft, one of the bankers said, adding
that the airline will also require approval from India's
aviation watchdog.
    The planned resumption of operations depends on a number of
factors including regulatory approvals, a second banker said.
    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, which are owed
65.21 billion rupees in total.
($1 = 81.9868 Indian rupees)

 (Reporting by Siddhi Nayak
Writing by Shilpa Jamkhandikar
Editing by David Goodman)
 ((shilpa.jamkhandikar@thomsonreuters.com;))