India's SpiceJet shows interest in buying bankrupt Go First (updated)

Spicejet

19/12/2023 05:05

(Adds details, share move, background)
       BENGALURU, Dec 19 (Reuters) - India's budget carrier
SpiceJet  SPJT.BO  said on Tuesday it will submit an offer with
the resolution professional of Go First after due diligence to
"create an airline in collaboration" with the bankrupt carrier.
    The news, which pushed up SpiceJet shares by more than 7%,
came after Go First's lenders began contemplating the airline's
liquidation after they did not get any bids for it within the
late November deadline.
        SpiceJet did not provide any further details on its
offer on Tuesday. Last week, it 
    said
     it would raise 22.50 billion rupees  (nearly $271 million)
by selling shares and warrants to aid growth plans.
  
        Go First did not immediately respond to Reuters request
for comment.
  
        The carrier's 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 it owes a
total of 65.21 billion rupees ($784.60 million).
  
        
  
($1 = 83.1760 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Janane
Venkatraman)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))