Lenders to India's Go First vote for liquidating airline, sources say

Lenders to India's Go First have decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, two banking sources said. Go First, which filed for bankruptcy in May last year, had received two financial bids under the bankruptcy process.<br/>The Committee of Creditors has voted in favour of liquidating the airline, the bankers said. Liquidation "is the best way forward" and "it makes no sense to keep pumping in more money" to cover costs related to the insolvency process, one of the bankers said. Emails seeking comments to Go First's resolution professional, who conducts the bankruptcy process, did not immediately get a response. The bankers did not wish to be identified because they were not authorised to speak with the media. Reuters had earlier reported that one of the two bidders had raised its offer after a push by lenders. "Bidders were given adequate time to review and raise their bids, but even that fell short of lenders' expectations," the first banker said.<br/>