NEW DELHI: Airline carrier Go First, has received two financial bids as part of its bankruptcy process, according to two bankers who attended a meeting of the airline's creditors on Friday.
Ajay Singh, SpiceJet's managing director, and Busy Bee Airways have jointly submitted a bid of 16 billion rupees ($193.10 million) for the airline, including additional funds to restart operations, as per bankers.
Another bidder, Sharjah-based Sky One Airways, has also submitted a financial bid, though the amount is not disclosed.
The bankers are not authorized to speak to the media and preferred to remain anonymous.
Nishant Pitti, majority shareholder of Busy Bee Airways, mentioned that their bid remains confidential until a successful bidder is announced by the Committee of Creditors (CoC).
The evaluation of bids is expected to be completed next month, according to another banker from a state-run bank. Go First filed for bankruptcy in May last year, with a total debt of 65.21 billion rupees owed to creditors such as Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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