Astonishing as it may seem, the ousted CEO and founder Naresh Goyal, the man said to have lead the airline stubbornly in to its current predicament, is one of the bidders to buy it. People are asking where is he getting the money from?
Another is, again equally as astonishing given its disastrous partnerships with other airlines, never mind its own tenuous financial predicament: Etihad.
The later wants to double its investment to 49%. Meanwhile Indigo Partners (who tried to save WOW) and an American capital firm are said to be amongst the bidders.
The Goyal bid is the one causing abject consternation in India. If he can find the money to do this how has he not invested in the company he was CEO of before? Paid off its loans or paid its staff? Questions are rife.
Meanwhile the Indian government seems paralysed on persuading the banks to actually pay the money to keep the airline flying, which they have supposedly agreed to. It’s operating just a handful of 737’s and ATR’s. By Tuesday it may not even be able to do that.
Yet the deadline for firm offers over and above letters of intent, is still 30th April. Can the airline even last that long?