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Monday, April 22, 2024

Ajay Singh of SpiceJet increases offer for insolvent Go First: Report

<p>According to news agency Reuters, which cited sources, one of the two bidders in the competition to purchase the insolvent airline Go First has increased its offer.</p>
<p><img decoding=”async” class=”alignnone wp-image-527423″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ajay-singh-of-spicejet-increases-offer-for-insolvent-go-first-report-go-first-owes.jpg” alt=”theindiaprint.com ajay singh of spicejet increases offer for insolvent go first report go first owes” width=”1017″ height=”572″ title=”Ajay Singh of SpiceJet increases offer for insolvent Go First: Report 15″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ajay-singh-of-spicejet-increases-offer-for-insolvent-go-first-report-go-first-owes.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ajay-singh-of-spicejet-increases-offer-for-insolvent-go-first-report-go-first-owes-390×220.jpg 390w” sizes=”(max-width: 1017px) 100vw, 1017px” /></p>
<p>According to one of the sources cited by the news agency, the consortium, including Ajay Singh, the managing director of SpiceJet, and Busy Bee Airways, has raised the offer amount by Rs 100–150 crore. It should be mentioned that the first proposal was for Rs 1,600 crore.</p>
<p>During its bankruptcy procedure, Go First, which filed for bankruptcy in May of last year, got two financial proposals; Sky One Airways, located in Sharjah, made the second bid, according to Reuters.</p>
<p>A state-run banker with exposure to Go First said, “The bid amounts in both offers fell far below the expectations of the Committee of Creditors (CoC) and would entail a significant reduction, which is why both bidders were asked to increase their offers.”</p>
<p>Go First filed for bankruptcy, claiming that the company owes creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, a total of Rs 6,521 crore.</p>
<p>According to another banker cited in the story, the combined proposal from Ajay Singh and Busy Bee would be discussed at the next CoC meeting, which is anticipated to take place early next week.</p>
<p>The banker said that by March 28, lenders should reply to the bids.</p>

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