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The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ Factbox: India's Wadia Group whose Go First is in trouble
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - India's Wadia Group has survived British colonial rule and fierce business rivalries to create an empire that spans industries, from aviation and real estate to retail, healthcare, engineering and chemicals. - Founded in 1736 by Loeji Nusserwanjee Wadia, the group began as a marine construction company that built ships for the British empire, according to its website. - Chairman Nusli N. Wadia is the grandson of Pakistan's founder, Muhammad Ali Jinnah. - Go First, India's third-largest airline filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. The Wadia Group said all its transactions had been conducted in compliance with the law.

☆ Factbox: The engine dispute at the heart of Go First's bankruptcy filing
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

Here are some details on the U.S. enginemaker's geared turbofan (GTF) engines, which Go First says are at the heart of the crisis. In 2016, Go First received its first A320neo aircraft powered by GTF engines after placing an order for 72 narrow-body jets from Airbus (AIR.PA). Pratt & Whitney is the exclusive engine supplier for the airline's A320neo aircraft fleet. The issues with the GTF engines grounded several A320neo planes in 2017, a year after the engine was launched. In India alone, IndiGo and Go First, among the biggest customers for the A320neo planes, grounded as many as 12 planes at one point, and cancelled dozens of flights.

☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

☆ Travel recovery boosts jet engine units at GE and Raytheon
▼ + stars: | 2023-04-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Technicians assemble a General Electric Co. CFM56-7B jet engine at the company's Aviation Assembly & Test facility in Research Triangle Park in Durham, North Carolina. A recovery in air travel is lifting sales and repairs at the aircraft engine units of General Electric and Raytheon Technologies as Boeing and Airbus scramble to increase their production rates of new planes. The unit makes engines for Boeing's 737 Max planes and Airbus' A320 family of narrow-body aircraft. Raytheon's Pratt & Whitney engine unit sales increased 15% from a year earlier to $5.23 billion. The improvements in those companies come as Airbus and Boeing are trying to increase their output of new planes for airlines.

☆ Legal pot sales eclipse sales of chocolate in the US as Americans reach for joints and berry edibles instead
▼ + stars: | 2023-04-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Legal pot sales could top $33 billion this year – more than chocolate and craft beer combined. Last year's total also exceeds the combined total sales of chocolate and craft beer, which saw $20 billion and $7.9 billion, respectively. If trends continue, MJBizDaily projects cannabis sales could reach as high as $33.6 billion this year and climb to nearly $57 billion by 2028. Of course, legal sales are still vastly outweighed by illicit ones – Whitney Economics estimated that legal transactions constituted just 25% of the total cannabis market in the US in 2021. Robust as the total US sales numbers are, recent years have not been kind to the cannabis industry.

☆ Raytheon sees castings shortages spilling into next year amid aftermarket demand
▼ + stars: | 2022-11-08 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +2 min

Supply shortages have crippled aerospace's ability to meet a snapback in demand for travel. The supply of castings has been singled out as problematic by aerospace executives as manufacturing them is a labor-intensive process and it takes time to train new hires. Shortages are now prompting Raytheon to choose between making new engines and servicing old ones. TRAVEL DEMAND A 'WATCH ITEM'Raytheon, whose Pratt & Whitney engines power all of Airbus' A220 jets and about half of the A320neo aircraft, said it had not seen any signs of travel demand, which has turbocharged the industry's recovery, subsiding. However, he added travel demand remains a "watch item", amid recessionary fears.

☆ Airlines have the passengers. Now they need the planes
▼ + stars: | 2022-10-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

But new planes are in short supply, they warned, limiting growth and keeping fares high. JetBlue Airways said Tuesday that it was supposed to receive 29 planes from Airbus next year but will only get about 22. That means airlines that had parked planes and slashed growth are now struggling to expand. Boeing and Airbus, which didn't immediately comment, are set to report results on Wednesday and Friday, respectively. Raytheon's Pratt and Whitney engines fly on both Boeing and Airbus planes, and its Collins Aerospace unit supplies both manufacturers.

☆ Sky-high rents hit the aircraft market as Boeing jets top $300,000 a month
▼ + stars: | 2022-08-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +4 min

The world's largest aircraft leasing firms, like Air Lease , Avolon and AerCap , which acquired GE 's airplane leasing business last year, are reaping the benefits. A tight supply of aircraft is driving up the price airlines pay to rent planes, just as travel demand returns. This year's surge in oil prices make newer, fuel-efficient planes more attractive than older ones, and higher interest rates could also drive up lease rates. "That will push lease rates higher through the rest of the year." Cronin said lease rates for Boeing Maxes and Airbus A320neos have risen by 10%-15% so far this year.

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