Go First in trouble! Severe cash crunch forces airline to cancel flights on May 3,4

Amid cash crunch, Go First on Tuesday said that it has suspended flights for May 3 and 4 as it has been facing issues due to uncleared dues to oil marketing companies.

The airline’s cash flow has been seriously hit as it has grounded over half of its fleet due to issues with Pratt & Whitney engines.

After the crisis, the Wadia-group owned airline is also eyeing for a strategic investor in the company and has been in talks with several investors. All tickets will be refunded in due course of time, the airline said.

Meanwhile, the airline had earlier denied reports that Wadia group, which owns the ultra-low-cost carrier, has sought to sell stake in the company in order to exit the aviation business.

Go First recently posted its biggest annual loss in fiscal 2022 and has been facing operational problems in the last few months as half of its aircraft were grounded due to supply chain disruptions related to Pratt & Whitney (P&W) jet engines.

Go First has been running daily operations with 28 aircraft out of the airline's fleet of 57, with the remaining aircraft grounded due to trouble with engines supplied by American manufacturer Pratt & Whitney.

Go First, formerly known as Go Air, holds a market share of 9% cent in the Indian domestic air space. It had a 94.5% passenger load factor on an average for April 2023.

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