Go First, an Indian airline, has filed for bankruptcy, with its bankruptcy filing revealing that it owes financial creditors Rs 6,521 crore ($798 million). The filing stated that as of April 30, the airline had not defaulted on any of these dues. However, it also warned that defaults to financial creditors would be imminent considering the present economic situation. The filing listed Central Bank of India, Bank of Baroda, IDBI Bank, Axis Bank, and Deutsche Bank among Go First’s financial creditors, with Deutsche Bank declining to comment. The airline’s total liabilities to all creditors are Rs 11,463 crore, including dues to banks, financial institutions, vendors, and aircraft lessors. Go First has defaulted on payments to operational creditors, including Rs 1,202 crore to vendors and Rs 2,660 crore to aircraft lessors. The filing revealed that the company had received notices from lessors for terminating aircraft lease agreements. Some have started actions against the company to ground or repossess aircraft. Six lessors have also invoked letters of credit issued to them by lenders, according to the filing.
