Crisis-hit Go First files for voluntary insolvency resolution proceedings; cancels all flights from May 3-5
Mumbai/New Delhi, May 2 (PTI) Cash-strapped Go First on Tuesday sought voluntary insolvency resolution proceedings and decided to cancel flights for three days starting from May 3, as the budget airline is unable to meet financial obligations amid the grounding of half of its fleet due to the non-availability of Pratt & Whitney engines.
Go First, which has been flying for more than 17 years, will cancel all flights for three days -- May 3, 4 and 5 -- and promised to make a full refund to the customers. It operates around 180-185 flights, carrying around 30,000 passengers on a daily basis.
The airline's CEO Kaushik Khona said the airline has grounded 28 planes, more than half of its fleet, due to the non-supply of engines by Pratt & Whitney (P&W), and that has resulted in a fund crunch.
