Go First seeks up to $122 mn in additional funds: Banking sources

Go First, the Indian airline under bankruptcy protection, has asked for between $122mn in additional funds from lenders to resume operations in July

By Siddhi Nayak

MUMBAI (Reuters) -Indian airline Go First, which is under bankruptcy protection as it tries to resume operations, has sought additional funds at a lenders meeting on Wednesday, banking sources told Reuters.

The airline is asking for between 4 billion and 6 billion Indian rupees ($122 million) in additional funds, the sources said, with lenders expected to evaluate proposals in the next 48 hours.

None of the bankers wished to be identified because they were not authorised to speak to the media.

Go First plans to resume operations in July and operate 78 daily flights with 22 aircraft, one of the bankers said, adding that the airline will also require approval from India's aviation watchdog.

 

The planned resumption of operations depends on a number of factors including regulatory approvals, a second banker said.

The Go First bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among its creditors, which are owed 65.21 billion rupees in total.($1 = 81.9868 Indian rupees)

(Reporting by Siddhi NayakWriting by Shilpa JamkhandikarEditing by David Goodman)