go first bankrupt(go first ) 

New Delhi: Private sector airline company SpiceJet has submitted a joint bid with Busy Bee Airways Pvt Ltd to buy the troubled Go First (go first )  airline. SpiceJet promoter Ajay Singh said, “The bid filed on Friday is an important strategic step with the potential to reshape the landscape of the Indian aviation sector.” SpiceJet airline also said that the bid for the acquisition of Go First has been made in the personal capacity of Ajay Singh. This means that SpiceJet will have no role in this.

SpiceJet promoter Ajay Singh said, “Go First has immense potential. It can be revived to work in closer coordination with SpiceJet, which will benefit both the airlines.” According to Ajay Singh, Go First has slots at domestic and international airports, international traffic lights and orders for more than 100 Airbus Neo aircraft, and a trusted and valued brand among customers.
SpiceJet shares benefited a lot from this news. The airline’s shares rose by more than 7 percent. At 3.50 pm on Friday, SpiceJet shares registered a rise of more than 11 percent.

SpiceJet, once India’s second largest airline, has so far raised Rs 744 crore under the refinancing plan of Go First. SpiceJet already has shareholders’ approval to raise up to Rs 2500 crore through QIP.

Go First owes Rs 6,521 crore to its lenders. Go First Airline has been closed from 3 May 2023. It was only after this that Go First applied for bankruptcy protection.
In December last year, SpiceJet had said that it would try to acquire GoFirst to create an airline in collaboration with the bankrupt airline. Recently, the deadline to complete the acquisition process of Go First has been extended by 60 days.
However, lenders are recently considering liquidating the airline after failing to secure new investors. Go First lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among the creditors in its bankruptcy protection application.