India's Wadia Group stays away from Go First insolvency process … – Reuters

MUMBAI, Oct 12 (Reuters) – Go First’s former owner, the Wadia Group, has not shown an intent to bid for the grounded Indian airline and has stayed away from the insolvency process so far amid an ongoing legal tussle, three sources told Reuters.

Cash-strapped Go First filed for bankruptcy in May, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet.

Two banking sources said on Thursday the conglomerate has not submitted an expression of interest (EoI) – the first step towards making financial bids – for the airline or hinted at any plans to do so despite a company executive telling Reuters in May that the group had no plans to exit.

“They have not been in touch with banks for the last one month,” said a banker …

Read the full article at: https://www.reuters.com/business/aerospace-defense/indias-wadia-group-stays-away-go-first-insolvency-process-sources-2023-10-12/