Go First seeks up to $122 mn in additional funds: Report

Crisis-hit Go First, which is under bankruptcy protection as it tries to resume operations, has sought additional funds at a lenders meeting on Wednesday, said a report.

The airline is asking for up to $122 million in additional funds with lenders expected to evaluate proposals in the next 48 hours, reported Reuters quoting sources.

Go First plans to resume operations in July and operate 78 daily flights with 22 aircraft, and will also require approval from aviation regulator DGCA.

The planned resumption of operations depends on a number of factors including regulatory approvals, added the report

The Go First bankruptcy filing lists Central Bank of India , Bank of Baroda, IDBI Bank and Deutsche Bank among its creditors, which are owed Rs 6,521 crore in total.

Go First on Wednesday announced that its scheduled flight operations will remain cancelled till June 25 due to operational reasons.

There were reports that the grounding of the Go First flights had put pressure on airfares, particularly on select routes where the now-grounded airline had its footprint. The airline operator had in early May filed for voluntary insolvency and since then its operations were kept stalled.

With inputs from Reuters