03 May 2023, 3:46 pm 1 minute
The day after India’s Go Airlines filed for bankruptcy, Reuters exclusively reported that its owner does not intend to exit the cash-strapped airline. In its bankruptcy filing, India’s third-largest airline, which recently re-branded as Go First, claimed its failure followed a refusal by Pratt & Whitney to abide by an arbitration order to release spare leased engines that would have allowed it to return to full operations.
Market Impact
Go First’s bankruptcy could be a boon for its rivals. Lenders to Go First, including Central Bank of India <CBI.NS>, Bank of Baroda <BOB.NS> and IDBI Bank <IDBI.NS> fell on Wednesday.
Article Tags
Type: Reuters Best
Sectors: Aerospace & Defence
Regions: Asia
Countries: India
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story