Can SpiceJet's Bid Rescue Go First Airways?

Cash-strapped SpiceJet Ltd has expressed interest in acquiring the bankrupt airline Go First. In a notification to the exchanges on Tuesday, the airline stated that it has expressed interest with the Resolution Professional of Go First and wishes to submit an offer post diligence, aiming to create a robust and viable airline through a potential collaboration with SpiceJet. Go First has been grounded since May, with a fleet of 54 Airbus SE A320neos. The no-frills carrier filed for voluntary bankruptcy proceedings due to financial challenges, primarily stemming from Pratt & Whitney engine issues. Lenders to Go First plan to seek litigation finance to recover up to ₹12,000 crore entangled in various lawsuits, as the bankrupt airline faces the prospect of liquidation. This amount includes an arbitration award won against engine maker Pratt & Whitney at the Singapore International Arbitration Centre (SIAC) earlier this year, along with several other ongoing lawsuits.