UPDATE 1-India's Go First will need to raise funds, resolution professional quoted

Reuters · 05/11/2023 04:35
UPDATE 1-India's Go First will to raise funds, resolution professional quoted

Adds quote from resolution professional

By Aditya Kalra

- Go Airlines (India) will to raise funds to continue as a going concern, its appointed resolution professional informed staff on Thursday, according to a source with direct knowledge of the matter.

The low-cost carrier, recently rebranded as Go First, was granted bankruptcy protection on Wednesday by a tribunal in New Delhi that appointed Abhilash Lal of Alvarez & Marsal as its interim resolution professional.

"We're working on a very tight schedule, we have to get the business back running... We have to raise the funds to do it," the source quoted Lal as telling employees in a virtual townhall meeting.

The source was authorised to speak to media and declined to be identified. Go First did immediately respond to a request for comment.

(Reporting by Aditya Kalra; Writing by Tanvi Mehta; Editing by Edwina Gibbs)

((tanvi.mehta@thomsonreuters.com; https://twitter.com/TanviMehta710;))