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SpiceJet To Submit Offer To Go First After Due Diligence

SpiceJet, a low-cost carrier, announced today that, following due diligence, it will present an offer to “create an airline in collaboration” with the bankrupt carrier, working with Go First’s resolution professional.

SpiceJet’s stock surged by over 7% following the announcement, which came as Go First’s lenders started thinking about liquidating the airline after failing to receive any bids by the deadline in late November.

SpiceJet did not offer any additional information about its offer on Tuesday. It announced last week that it would sell shares and warrants for 22.50 billion rupees, or almost $271 million, to support its growth plans.

A request for comment from Reuters was not immediately answered by Go First.

Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS), and Deutsche Bank (DBKGn.DE) are listed as creditors of the carrier in its bankruptcy filing. The total amount of debt the carrier owes these parties is 65.21 billion rupees ($784.60 million).

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