{"id":1923527,"date":"2023-05-03T12:25:50","date_gmt":"2023-05-03T16:25:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/indias-go-first-ceo-says-airline-has-owner-govt-support-after-bankruptcy-filing\/"},"modified":"2023-05-03T12:30:10","modified_gmt":"2023-05-03T16:30:10","slug":"indias-go-first-ceo-says-airline-has-owner-govt-support-after-bankruptcy-filing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/indias-go-first-ceo-says-airline-has-owner-govt-support-after-bankruptcy-filing\/","title":{"rendered":"Go First CEO confirms owner and government support after bankruptcy filing in India."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Findias-go-first-ceo-says-airline-has-owner-govt-support-after-bankruptcy-filing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1923527&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Go Airlines Files for Bankruptcy<\/h2>\n<p>By Tanvi Mehta, Dhanya Skariachan and Chris Thomas<\/p>\n<p>Go Airlines (India) has filed for bankruptcy, blaming Pratt &#038; Whitney engines for the grounding of about half of its fleet. Despite this setback, the airline&#8217;s owner, the Wadia group, has no plans to exit the company. CEO Kaushik Khona stated that the group has always tried to keep the airline operations going on a normal basis, despite being disabled to that extent by Pratt &#038; Whitney.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n\t\t\t<script>\n\t\t\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n\t\t\t<\/script>\n\t\t<\/div>\n<p>Go Airlines argued in an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stefanik-challenger-was-china-dailys-lawyer\/\" title=\"Stefanik Challenger Was China Daily\u2019s Lawyer\">arbitration case<\/a> that Pratt &#038; Whitney engines had a &#8220;serious <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-gun-speech-filled-with-falsehoods\/\" title=\"Biden Gun Speech Filled With Falsehoods\">design flaw<\/a>&#8221; that caused engine shutdowns and premature failure. As of this week, 28 of its aircraft were grounded. Pratt &#038; Whitney, however, said that Go Airlines could not show that it was the &#8220;sole or exclusive cause &#8211; or any cause at all &#8211; of its poor financial condition&#8221;.<\/p>\n<h3>What&#8217;s Next for Go Airlines?<\/h3>\n<ul>\n<li>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uk-finance-minister-and-bank-of-england-work-to-contain-svb-fallout\/\" title=\"UK finance minister and Bank of England work to contain SVB fallout\">insolvency proceedings<\/a> were aimed at reviving the airline and not selling it, Khona told Reuters, confirming it had made all required payments to Pratt &#038; Whitney.<\/li>\n<li>Go First, which had an almost 10% share of the Indian market in winter 2021, saw that fall to 7% in October 2022. By March, its weekly departures were at 1,390, down 39% from 2021 levels.<\/li>\n<li>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/indias-go-first-ceo-says-airline-has-owner-govt-support-after-bankruptcy-filing\/\" title=\"Go First CEO confirms owner and government support after bankruptcy filing in India.\">airline owed financial creditors 65<\/a>.21 billion Indian rupees ($797 million), its bankruptcy filing showed. As of April 30, Go First had not defaulted on any of those loans, it said in the filing seen by Reuters.<\/li>\n<li>On Wednesday, the airline&#8217;s CEO said it was looking to dissuade lessors from taking action and confirmed some parties had expressed interest in taking a stake in the airline.<\/li>\n<li>Go First&#8217;s lenders will most likely meet on Wednesday to discuss what to do next after the bankruptcy filing on Tuesday, two bankers aware of the development told Reuters.<\/li>\n<\/ul>\n<p>Go First&#8217;s bankruptcy could be a boon for its rivals. &#8220;If the suspension is prolonged, other airlines that are adding capacity would look to avail the slots vacated by Go First and grab onto the market share,&#8221; Jefferies analyst Prateek Kumar said in a client note.<\/p>\n<p>The Indian government is very keen to see that Go First does not fail, according to Khona. An Indian court is expected to take up Go First&#8217;s insolvency matter on May 4.<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/indias-go-first-ceo\/attachment\/the-logo-of-goair-airline-is-pictured-on-an-a320neo\/\"><\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Tanvi Mehta, Dhanya Skariachan and Chris Thomas BENGALURU (Reuters) -Go Airlines (India) said on Wednesday its owner had no plans to exit the cash-strapped Indian airline, a day after it filed for bankruptcy, blaming Pratt &amp; Whitney engines for the grounding of about half of its fleet. \u201cThe Wadia group, in particular Nusli Wadia<\/p>\n","protected":false},"author":66,"featured_media":1923528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[7740,3850,4938,7014,5045,9231,6263,3723],"class_list":["post-1923527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-bankruptcy","tag-ceo","tag-confirms","tag-filing","tag-government","tag-india","tag-owner","tag-support"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1923527"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1923528"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1923527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1923527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1923527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}