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India's Go First Airways has suspended its flights for May 3 and 4 as the cash-strapped budget carrier reportedly lacks funds to pay dues to oil marketing companies (OMCs)
Go First recently grounded more than half of its 61-plane fleet due to recurring problems and non-delivery of engines from Pratt & Whitney that power its Airbus A320 neo planes, the report said
The airline operates on a cash-and-carry model, which means it has to pay OMC daily for each flight and they can stop operations if payments are not made, an OMC official said
India's Go First Airways has suspended its flights for May 3 and 4 as the cash-strapped budget carrier reportedly lacks funds to pay dues to oil marketing companies (OMCs).
Go First recently grounded more than half of its 61-plane fleet due to recurring problems and non-delivery of engines from Pratt & Whitney that power its Airbus A320 neo planes, the report said.
The airline operates on a cash-and-carry model, which means it has to pay OMC daily for each flight and they can stop operations if payments are not made, an OMC official said. Go First did not immediately respond to a Reuters request for comment.
The airline is struggling to raise funds and Indian conglomerate Wadia Group is in talks to sell a majority stake or exit its stake in the airline altogether. GO First has also sued Pratt & Whitney in US federal court in an attempt to enforce an arbitration award requiring the engine maker to supply the airline, it said.
Grounded flights saw Go First's market share drop to 6.9% in March from 8.4% in January, data from India's aviation regulator showed. Go First also posted its biggest annual loss in fiscal 2022.
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West Bengal
Bihar
Uttar Pradesh
Jharkhand