UAE’s Sky One submits bid for Indian carrier Go First

UAE’s Sky One submits bid for Indian carrier Go First

UAE-based aviation company Sky One is one of two companies that have submitted bids to acquire bankrupt Indian carrier Go First, according to a media report from India. “We have submitted the bid for Go First and look forward to the next stage, which is due diligence,” The Indian Express, a news outlet, reported, citing […]UAE-based aviation company Sky One is one of two companies that have submitted bids to acquire bankrupt Indian carrier Go First, according to a media report from India.

“We have submitted the bid for Go First and look forward to the next stage, which is due diligence,” The Indian Express, a news outlet, reported, citing Sky One chairman Jaideep Mirchandani.

The second bid comes from a collaboration between Indian carrier SpiceJet chairman and managing director Ajay Singh and New Delhi-based Busy Bee Airways, at Rs16 billion ($193 million), Reuters reported.

Go First declared voluntary insolvency proceedings in May 2023 with India’s National Company Law Tribunal (NCLT), attributing the crisis to US-headquartered engine manufacturer Pratt & Whitney.

The airline cancelled all its flights starting May 3, 2023, and has yet to resume operations.

According to its NCLT filing, Go First owes Rs 6.5 billion to financial creditors, including the Central Bank