Grounded Go Air can fly in a week if planes not seized, CEO says

Go Airlines India, which went under citing Pratt & Whitney engine failures, is optimistic about resuming flights within seven days if the bankruptcy court restrains lessors from taking back its aircraft. The airline, controlled by billionaire Nusli Wadia’s group, has enough funds to sustain operations on a cash-and-carry model for about 10 days, Chief Executive Officer Kaushik Khona said in an interview Saturday. Go Air is also seeking to request for an outstanding emergency credit it is eligible under the Indian government’s program to offer life-support to pandemic-hit industries, he said. “We will hundred percent be able to save the airline” if the court starts the insolvency resolution process “immediately,” said Khona. “All our stakeholders, including oil suppliers, service providers are aligned to the fact that we have been continuously cooperating and transparent with them.” Go Air — now re-branded as Go First — filed for insolvency protection on Tuesday after half of its Airbus SE A320neo fleet were grounded with engine snags, setting the airline back by 108b rupees ($1.3b) in lost revenue and additional expenses. It has sought a moratorium from India’s bankruptcy court to restrain lessors from taking back its aircraft and creditors from cashing guarantees and letters of credit, the chief executive said. The court is yet to deliver its final ruling after it heard the case on Thursday, but lessors such as Dublin’s GY Aviation Lease, SMBC Aviation Capital and Pembroke Aircraft Leasing started moving in to take back possession of at least 20 Airbus jets. Problems with Pratt engines have affected the airline industry worldwide ahead of the peak summer travel season. Deutsche Lufthansa AG has a third of its A220 fleet temporarily grounded in Zurich because of issues with Pratt engines. Turkish Airlines has sought leased engines and support from Pratt to repair its grounded A320neo aircraft.<br/>