Amidst ongoing challenges faced by Go First Airlines in resuming their operations, there is a focused effort by the Wadia Group towards finding suitable partners who can assist them in reclaiming ownership. These partnerships may come through joint bids involving financial investors who are presently engaging in discussions with the group after assessing Go First’s airworthiness status thoroughly. Furthermore, it should be acknowledged that former promoters Nusli Wadia and his family retain eligibility for participation in any forthcoming bidding processes related to this venture. Importantly, one must remember that engine issues were the primary reason behind Go First filing for bankruptcy.
The Wadia Group, in a rather perplexing move, is actively seeking partners to regain control over Go First, the troubled airline that is struggling to get back on track. Reports indicate that the group is engaged in discussions with financial investors, including private equity funds and alternative investment funds, to form a joint bid for the beleaguered carrier. However, the final decision hinges on whether the grounded airline can be deemed airworthy once again, adding an element of uncertainty to the situation.
The resolution professional of Go First has invited investors to express their interest in the company. Starting from August 9, interested parties, whether individual companies or consortiums, will have the opportunity to submit their expression of interest for the airline. This move follows the procedural requirements under Indian law, marking the formal commencement of the search for potential buyers or investors.
The report suggests that the former promoters, Nusli Wadia and his family, are eligible to bid for the airline since they have not defaulted on their loans. Through various entities owned by the Wadia family, they held a 100% stake in Go First prior to its current predicament.
Go Airlines’ filing for bankruptcy protection in May attributed the grounding of approximately half of its 54 Airbus A320neos to “faulty” Pratt & Whitney engines. This unfortunate circumstance has further complicated the situation for the struggling carrier.
Overall, the Wadia Group’s efforts to regain control of Go First through potential partnerships and bidding bring a sense of perplexity and uncertainty to the already challenging aviation landscape. The outcome of this endeavor remains uncertain, as the airline’s airworthiness and the response from interested investors hang in the balance.
