Go Air: From Billionaire Backing to Near Collapse
Go Airlines India, backed by a billionaire, is on the verge of shutting down permanently after failing to attract a buyer since entering bankruptcy protection in May. The CEO has resigned, citing the inability to get the carrier flying again and unpaid staff salaries. The airline has canceled all scheduled flights until February 4, and if it collapses, it would be the 12th Indian airline to do so this century. The company's creditors may sell assets in a piecemeal fashion, as it owes about $780 million to financial creditors. The country's biggest carriers, IndiGo and Air India, dominate the market, while other airlines have struggled or folded.