BUSINESS

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BUSINESS

Go First's lenders control resolution

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Seized control

Go First's lenders aim to take control of the airline's insolvency proceedings, replacing key bankruptcy officials appointed by the airline.

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Revive Go First

Go First's lenders have appointed a CoC to fast-track the airline's revival, but want to do it their way by bringing in new resolution professionals.

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IRP replaced

The CoC replaced the previously appointed interim resolution professional (IRP) with EY-backed Shailendra Ajmera to control the resolution.

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Other changes

Go First's process advisor, Alvarez & Marsal, will be replaced by EY. The committee is also expected to change Trilegal as the IRP's legal advisor.

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Reason

Lenders are apprehensive about continuing with the same resolution support system. They want to ensure there is no conflict of interest.