India’s Go First airline, formerly known as GoAir, is seeking an additional $122 million in funding from lenders to support its plans to resume operations in July. The airline aims to operate 78 daily flights with 22 aircraft. However, the resumption of operations depends on various factors, including regulatory approvals. Go First has been facing challenges due to issues such as the non-supply of engines from Pratt & Whitney Engines, resulting in the grounding of more than half of its 61-aircraft fleet. The airline is now seeking between Rs 400 and 600 crore ($122 million) in additional funds, and lenders are expected to evaluate the proposals in the next 48 hours. Go First plans to acquire the necessary regulatory approvals from India’s aviation watchdog, the Directorate General of Civil Aviation, to proceed with its plans. The budget airline recently cancelled all its flights until June 25, citing operational reasons. To cope with its financial challenges, the airline has filed an application for immediate resolution and revival of operations. It has also mentioned that it will be able to resume bookings shortly. The grounding of more than half of its fleet has significantly impacted Go First’s cash flow. The airline had 30 aircraft grounded as of March 31. It had a total of 61 aircraft in its fleet, including 56 A320neos and five A320ceos. Since July 2022, Go First’s market share has dropped to 8 percent from a peak of 11.1 percent, resulting in a decline in the number of passengers carried. This decline has directly affected the airline’s financials, with a net loss of $218 million reported in FY22, twice the amount of the previous year’s loss. Go First’s bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank among its creditors, with a total debt of Rs 6521 crore. The airline is now actively seeking additional funds to ensure the smooth resumption of operations and overcome its financial challenges.