Business & Finance
21 November 2023, 2:14 pm 1 minute
Reuters exclusively reported that India’s Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation. The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline’s financial statements.
Go First filed for voluntary insolvency in May and owes a total of 65.21 billion rupees ($785.6 million) to its creditors.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story