Pratt engine woes grounded Go First planes for 17,000 days

Pratt engine woes grounded Go First planes for 17,000 days
Planify Author
Author

Planify Author

Financial Analyst Intern
Publish Date4 May 2023
Reading time1 Min

Share on Social Links

Category

StockBeginner GuideAngel InvestingSME IPOEconomy MarketAIFInvestmentsMore

Faults with engines supplied by Pratt & Whitney to Go Airlines India Ltd forced the budget carrier to keep part of its fleet of brand-new Airbus SE jets on the ground for a total of 17,244 days over the past three years, according to a legal filing in a Delaware court.

"There have been numerous, persistent, and continuing technical issues with the defective GTF Engines supplied by Pratt," the carrier, which sought insolvency protection this week, said in a filing dated April 28. Pratt has failed to comply with an arbitration order in Singapore that mandated it to supply spare engines and parts to the airline, leading to "a significant risk that Go First will go out of business and be forced to declare bankruptcy," according to the filing.

Tags

Unlisted SharesPre-IPOInvestmentStock MarketFinance

Stay Connected, Stay Informed –

Join Our

WhatsApp

Channel!

Don’t miss out on exclusive updates, market trends, and real-time investment opportunities. Be the first to know about the latest unlisted stocks, IPO announcements, and curated Fact Sheets, delivered straight to your WhatsApp.