DelhiDesk Indian airline company Go First has filed for bankruptcy, with debts of INR65.21bn ($886m). Major banks including Bank of Baroda, IDBI Bank and Axis Bank are among the company’s creditors. Go First’s financial creditors include Central Bank of India, Deutsche Bank and IDBI Bank. The airline has also taken out a loan of INR1.29bn under the government’s Emergency Credit Guarantee Scheme. According to reports, the Wadia Group has invested around INR3bn in the airline over the last 15 months.
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👉 GoFirst has applied for bankruptcy due to financial crisis.
👉 The airline owes Rs 6,521 crore to financial creditors, including major banks like Bank of Baroda, IDBI Bank, and Axis Bank.
👉 GoFirst has almost as much debt as Vijay Mallya’s Kingfisher Airlines.
👉 Central Bank of India and Bank of Baroda have a loan of Rs 1,300 crore on GoFirst, while IDBI Bank has an outstanding loan of Rs 50 crore.
👉 Axis Bank has a letter of credit of sanction for the airline, but the details of the loan are not known.
👉 GoFirst had also taken a loan of Rs 1,292 crore under the government’s Emergency Credit Guarantee Scheme.
👉 The Wadia Group has invested around Rs 3,000 crore in the airline in the last 15 months.
👉 Shares of Central Bank of India, Bank of Baroda, IDBI Bank, and Axis Bank fell after the news of GoFirst’s bankruptcy.
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