In need of money Go aheadwhich is in voluntary bankruptcy proceedings, is planning a new start operations with 26 aircraft and 152 daily flights and has submitted the revival to plan to the aviation authority DGCA, according to one source. In addition, the airline is negotiating with lenders for funds to meet working capital needs.
Before the flight ban on May 3, the airline was operating around 200 flights a day. The airline suspended flights on May 3 and has yet to pay some executives and pilots. On condition of anonymity, the source said the transport company’s payroll expenses are around Rs 30 crore per month and the workforce is currently around 4,700 as many have entered their papers in a month.
The source said the airline’s management is awaiting DGCA approval for the recovery plan and operations will resume soon after regulator approval. The airline’s executives have held talks with senior DGCA officials about the recovery plan.
Before the flight ban on May 3, the airline was operating around 200 flights a day. The airline suspended flights on May 3 and has yet to pay some executives and pilots. On condition of anonymity, the source said the transport company’s payroll expenses are around Rs 30 crore per month and the workforce is currently around 4,700 as many have entered their papers in a month.
The source said the airline’s management is awaiting DGCA approval for the recovery plan and operations will resume soon after regulator approval. The airline’s executives have held talks with senior DGCA officials about the recovery plan.
