SpiceJet to submit offer to Go First after due diligence to create an ‘airline in collaboration’

The news, which pushed up SpiceJet shares by more than 7%, came after Go First’s lenders began contemplating the airline’s liquidation after they did not get any bids for it within the late November deadline Budget carrier SpiceJet said on Tuesday that it will submit an offer with the resolution professional of Go First after due diligence to “create an airline in collaboration” with the bankrupt carrier. The news, which pushed up SpiceJet shares by more than 7%, came after Go First’s lenders began contemplating the airline’s liquidation after they did not get any bids for it within the late November deadline. Last week, SpiceJet said it would raise Rs 22.50 billion by selling shares and warrants to aid growth plans. The carrier’s bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among its creditors to whom it owes a total of 65.21 billion rupees.