Airliners-India

747-237 · Posted: Thu May 13, 2021 6:33 am Post subject: Go First / GoAir News -- Part 2

With a front page ad in the Times of India today, it appears that GoAir has rebranded as "Go First".

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The_Goat · Posted: Thu May 13, 2021 1:21 pm Post subject:

Don't see much difference in the quality of the branding, to be honest.

To my twisted mind 'going' always implies something on the lines of answering the nature's calls. 'Go' Air was bad enough, 'Go First' would imply sheer urgency Wink

Why did Captain James Kirk pee on the ceiling?

A. He wanted to 'boldly 'go' where no man had 'gone' before. haha
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747-237 · Posted: Fri May 14, 2021 10:11 am Post subject:

https://www.tribuneindia.com/news/business/goair-rebrands-itself-as-go-first-252756

GoAir rebrands itself as Go First

May 13

After being in the skies for 15 years, Wadia Group-owned GoAir has rebranded itself as ‘Go First’ as the airline focuses on ultra-low-cost business model amid the aviation industry grappling with pandemic headwinds.

The announcement on Thursday also comes amid reports that the airline was preparing for an initial share sale to raise funds for its ambitious expansion plans. The Go First as ULCC (ultra-low-cost carrier) would operate single aircraft type across its fleet, which currently has both Airbus A320 and A320Neos (new engine option) planes in operation, it said. — PTI
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747-237 · Posted: Sat May 15, 2021 7:49 am Post subject:

https://timesofindia.indiatimes.com/business/india-business/goair-promoter-spar-over-trademark-amid-ipo-plan/articleshow/82642342.cms

GoAir, promoter spar over trademark amid IPO plan

May 15, 2021

After flying for 17 years as ‘GoAir’, owner Nusli Wadia, in an abrupt move, changed the carrier’s brand to ‘Go First’. The rebranding was initiated ahead of taking his company Go Airlines public.

Go Airlines didn’t divulge the reason for the rebranding but its draft IPO prospectus filed with India’s capital markets regulator Sebi revealed that the GoAir brand was owned by Wadia’s younger son Jeh and not the company. Apart from the main brand, Jeh also owns two other marks — Go Airlines and www.goair.in, used exclusively by the IPO-bound company. In March, Jeh had stepped down from the MD’s position at Go Airlines while remaining as its co-promoter.

Go Airlines, which will be the first Wadia Group company to hit the Street in over three decades (another one Bombay Burmah is the second-oldest publicly quoted company in India), said it will pursue legal options to establish “its ownership over all the trademarks and domain names”.

For some period (2006 to 2009 and from 2013 to 2014), there were written licence agreements between the airline and Go Holdings (Jeh’s company) governing the use of the GoAir brand. For the remaining years, the use of intellectual property rights was not by way of a written licence agreement, the company said in its draft IPO document. While Go Airlines has started to use ‘Go First’, the registration of this wordmark and logo are pending approval from authorities, it added.

In March 2021, Go Holdings, said the IPO-bound company, filed two applications to register ‘Go Airlines’ and ‘www.goair.in’. A month later, Jeh made an application to the National Internet Exchange of India to transfer 115 domain names registered in the name of Go Airlines from one domain registrar to another domain registrar. “Our company is opposing the aforesaid applications and have also applied for the registration of these two wordmarks (Go Airlines and www.goair.in) in our own name,” it said.

“There is no assurance that these matters will be determined in our favour or that there will not be claims regarding our intellectual property from Go Holdings in the future. Any such events could have a material adverse effect on our business,” added Go Airlines, which plans to raise Rs 3,600 crore via the IPO.
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747-237 · Posted: Wed Aug 11, 2021 5:36 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WJW.
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747-237 · Posted: Tue Aug 17, 2021 7:58 pm Post subject:

Go First has withdrawn an A320, VT-WAL from the fleet today.
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747-237 · Posted: Wed Sep 01, 2021 6:01 am Post subject:

https://www.ch-aviation.com/portal/news/107317-indian-regulator-gives-goair-greenlight-for-ipo

Indian regulator gives GoAir greenlight for IPO

30.08.2021

The Securities and Exchange Board of India (SEBI) has given Go Airlines (India) Private Limited t/a Go First (G8, Mumbai Int'l) the go-ahead for its planned debut on the Mumbai Stock Exchange (BSE), sources familiar with developments have told India's Economic Times newspaper.

“Sebi has cleared the proposal with some observations,” said one of the sources, who said the greenlight came on Thursday, August 26.

In its draft prospectus, GoFirst listed its shareholders as:

Go Investments & Trading Private Limited - a vehicle for the Wadia family whose directors include Nusli Neville Wadia, Ness Nusli Wadia, Anilkumar Jewraj Hirjee, Jeh Wadia, Sunil Kumar Sharma, and Jairaj Champaklal Bham - with 49.12%,
Nusli Neville Wadia with 23.12%,
Baymanco Investments Limited with 21.05%,
Sea Wind Investment and Trading Company Limited with 3.76%.
The remaining 2.94% is held by various smaller shareholders.

According to the Economic Times, SEBI's approval came after Jehangir Wadia, one of the airline's promoters and the younger son of Wadia Group patriarch Nusli Wadia, resigned from the boards of Britannia Industries and Bombay Burmah Group after having stepped down as the managing director of Go Airlines as well as Bombay Dyeing and Manufacturing Co. earlier in the year. His exiting all listed companies under the conglomerate was one of the pre-requisites SEBI had set for its approval for Go First, previously known as GoAir (G8, Mumbai Int'l), to list.

“SEBI has cleared the proposal with some observations,” said one of the people cited above.

The budget carrier can now move to the next step - the filing of a final red herring prospectus which incorporates SEBI's comments. It can also start road shows to garner investor interest. However, it is uncertain whether investors currently have an appetite for airline stocks given the uncertainty that currently pervades the global travel market.

Go First plans to raise up to INR36 billion rupees (USD490 million) for use in paying off loan repayments, the replacement of letters of credit, which are issued to certain aircraft lessors in securing lease rental payments and future maintenance of aircraft, with cash deposits, debts to the Indian Oil Corporation, and for general corporate use.
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747-237 · Posted: Sat Sep 25, 2021 5:57 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WJX.
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747-237 · Posted: Wed Oct 13, 2021 8:31 am Post subject:

The A320NEO VT-WJQ has become the first aircraft to be painted in the new livery after rebranding.
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747-237 · Posted: Sat Oct 30, 2021 8:25 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WJZ.
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747-237 · Posted: Fri Nov 05, 2021 6:20 am Post subject:

747-237 · Posted: Sat Nov 20, 2021 9:34 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WJY.
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747-237 · Posted: Wed Jan 19, 2022 5:47 am Post subject:

https://www.ch-aviation.com/portal/news/111670-indias-go-first-shelves-ipo-plans-amid-third-wave

Go First shelves IPO plans amid third wave

18.01.2022

Having previously scheduled an Initial Public Offering (IPO) for December 8, Go First (G8, Mumbai Int'l) owner Wadia Group has put the planned INR36 billion rupee (USD485 million) flotation for the carrier on hold, sources close to the group have told The Economic Times.

A third wave of Covid-19 currently raging across India is not the right backdrop for such a move, the anonymous sources said, and bankers the company has been working with “have been told to wait.”

Investors awaiting the IPO, which GoAir (G8, Mumbai Int'l) (as the low-cost carrier was known until a rebrand in 2021) had initially planned for the end of 2019, are now watching what impact the Omicron variant will have on travel before committing any investments to the aviation sector.

In the post-Covid world, the carrier filed to go public in May 2021 and received the nod from market regulator the Securities and Exchange Board of India (SEBI) in August. It said at the time that it would use the funds to repay loans, replace letters of credit issued to lessors with cash deposits, pay off debts to the Indian Oil Corporation, and for general corporate use.

With all fundraising plans now on hold, Wadia Group is expected to inject additional capital in the airline so it can meet its daily and monthly operational expenses, the sources said.

But market insiders told the newspaper that given the mild nature of the variant it is unlikely investors will have to wait long for the long-anticipated flotation. They view Omicron as a “modest, near-term risk” for airlines due to delays and cancellations caused by widespread staffing shortages, and expect that ongoing vaccinations in India should offset some of the downside.
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747-237 · Posted: Mon Feb 14, 2022 6:02 am Post subject:

Go First has withdrawn an A320, VT-GOL from the fleet today.
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747-237 · Posted: Fri May 20, 2022 7:48 pm Post subject:

With plans to ramp up capacity and add ten more aircraft by March 2023, Wadia Group is aiming for a long-delayed initial public offering (IPO) for its airline Go First (G8, Mumbai Int'l) in early July, sources told the newspapers Business Standard and Moneycontrol.

It aims to add new aircraft starting from August, namely ten new Airbus A320neo by the end of March 2023. According to the ch-aviation fleets advanced module, it currently operates a fleet of fifty-two A320-200Ns and six A320-200s, with ninety-two more of the A320neo to be delivered. The timeline is ten of these deliveries this year, ten next year, and the remaining 72 from 2024 to 2027.

However, it has yet to return all of its current fleet to activity, with ten still inactive. “We have ten more aircraft to be deployed, but all aircraft are expected to be operating by the end of June,” an unnamed Go First executive told Business Standard.

According to Indian broadcaster CNBC TV18, Go First is considering converting part of its A320neo orders to larger, longer-range, and more fuel-efficient A321neo jets or even switching its entire fleet to A321neo.

https://www.ch-aviation.com/portal/news/115706-indias-gofirst-plots-463mn-ipo-in-early-3q22
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747-237 · Posted: Sun Jun 19, 2022 7:10 am Post subject:

Go First has withdrawn an A320, VT-GOM from the fleet today.
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747-237 · Posted: Sat Jul 09, 2022 5:48 am Post subject:

https://www.ch-aviation.com/portal/news/117318-indias-go-first-parks-a-fifth-of-fleet-due-to-engine-delays

Go First parks a fifth of fleet due to engine delays

08.07.2022

Go First (G8, Mumbai Int'l) has put around twelve of its fifty-two A320-200Ns in long-term storage as it awaits delayed redeliveries of upgraded Pratt & Whitney PW1100G engines, The Economic Times daily has reported.

The Indian low-cost carrier, formerly known as GoAir, sent the powerplants to the manufacturer in January 2022, hoping to receive spare engines on an interim basis. The upgrades themselves were due to take around five months. Sources indicated that the airline did not receive the spare engines, while the redeliveries of the upgraded units were delayed and are currently expected by mid-July.

The ch-aviation fleets advanced module shows that Go First operates fifty-two A320-200Ns and five A320-200s. Only the A320neo generation aircraft are affected by the PW1100G engine issues.

Rival IndiGo Airlines (6E, Delhi Int'l) completed the upgrade of all of its PW1100G engines by the end of August 2020, although it has since changed the engine supplier for its newly delivered A320neo Family aircraft to CFM International. The Indian Directorate General of Civil Aviation (DGCA) barred all operations of the non-upgraded PW1100G powerplants as of September 1, 2020, although the deadline was later extended for Go First.
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747-237 · Posted: Mon Jul 25, 2022 8:35 am Post subject:

https://www.ch-aviation.com/portal/news/117686-india-grounds-go-first-aircraft-amid-sector-safety-concerns

India grounds Go First aircraft amid sector safety concerns

25.07.2022

Go First (G8, Mumbai Int'l) aircraft have experienced a number of incidents in recent days enough to warrant inspections from India’s Directorate General of Civil Aviation (DGCA), local media reported. The authority currently has its hands full investigating engine problems and safety lapses at many of the country’s airlines.

Engine problems affected two of the budget carrier’s A320-200Ns in separate incidents on the same day, July 19. One of them, flying from Mumbai Int'l to Leh Kushok Bakula Rimpochee, was diverted to Delhi Int'l due to a fault in the engine interface unit, and the second involved a Delhi-bound flight forced to turn back to Srinagar, Business Standard reported.

“We are investigating the incidents. Both aircraft will be grounded and will fly only after clearance from the DGCA,” an unnamed executive at the airline told the newspaper.

Go First’s Airbus A320neo are powered by Pratt & Whitney PW1000 geared turbofan engines, according to the ch-aviation fleets advanced module. The airline operates an all-leased fleet of fifty-two A320-200Ns and five A320-200. Eighteen of the neo are currently inactive as most await delivery of engine upgrades.

Go First said in a statement at the time that “maintaining the reliability of aircraft and maintaining the safety of our passengers is our top priority.”

On July 18, it was reported that in the wake of multiple incidents on passenger aircraft in recent weeks, the DGCA had conducted spot checks at various airports and found a lack of qualified maintenance engineers certified to clear aircraft for flight operations. The cause of defects was not being properly identified, and airlines were frequently giving one-off authorisations to junior-ranking engineers, it discovered.

Earlier this month, it gave SpiceJet three weeks to defend itself against regulatory action following a string of safety failures. On July 15, an IndiGo Airlines A320-200 flying from Delhi to Vadodara was diverted to Jaipur due to engine vibration, and two days later its Sharjah-Hyderabad Int'l flight was diverted to Karachi Int'l also due to an engine defect.

On July 15, a live bird was found in the cockpit of an Air India Express jet during a Bahrain Int'l-Kochi Int'l flight, and on July 16, its Kozhikode-Dubai Int'l flight was diverted to Muscat after the smell of burning was detected. The DGCA is currently investigating all of these incidents.
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747-237 · Posted: Sun Sep 04, 2022 6:30 pm Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WDA.
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747-237 · Posted: Thu Oct 20, 2022 7:16 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WDB.
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747-237 · Posted: Tue Nov 08, 2022 5:27 am Post subject:

https://www.ch-aviation.com/portal/news/121132-indias-go-first-to-seek-725mn-in-emergency-govt-loan

Go First to seek $72.5mn in emergency gov't loan

07.11.2022

Go First is planning to soon apply for a further INR6 billion rupees (USD72.5 million) from the government-backed Emergency Credit Line Guarantee Scheme (ECLGS) to finance its operations, the PTI news agency has reported.

The carrier did not confirm its plans and did not comment on the reasons for the capital raise.

Go First has already obtained INR4 billion (USD48.3 million) in loans from the ECLGS scheme. The government has recently raised the total loan available to airlines to INR15 billion (USD181.2 million). The LCC said a possible request for the remaining INR500 million (USD6 million) was not off the table but would be subject to more stringent equity requirements and new funding from shareholders.

"Banks like the Central Bank, Bank of Baroda, and IDBI are our lenders. We will be approaching them first to avail these funds," a source said. While ECLGS is government-backed, funds are disbursed by commercial banks.

Go First, once known as GoAir, currently operates five A320-200s and fifty-four A320-200Ns. It has a further ninety A320-200Ns on firm order from Airbus.
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747-237 · Posted: Tue Nov 29, 2022 7:50 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WDC.
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747-237 · Posted: Wed Jan 25, 2023 7:09 am Post subject:

Go First has added a new A320NEO to the fleet today, as VT-WDD.
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747-237 · Posted: Thu Apr 20, 2023 8:08 pm Post subject:

Go First has withdrawn an A320neo, VT-WGO from the fleet today.
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5Patel · Member Joined: 02 Oct 2014 Posts: 117

https://www.ndtv.com/india-news/go-first-to-suspend-flights-for-2-days-due-to-severe-fund-crunch-report-3998120

Go First Stops Flights For 2 Days Due To Severe Funds Crunch

Go First airline will stop flights on Wednesday and Thursday due to a severe funds shortage. Only 50 per cent of the airline's fleet is operational due to not getting spare engines from US firm Pratt & Whitney (P&W), the carrier said in a statement.
Go First said it had to stop flights "due to the ever-increasing number of failing engines supplied by P&W International Aero Engines, which has resulted in Go First having to ground 25 aircraft (equivalent to approximately 50 per cent of its Airbus A320neo aircraft fleet)."

The carrier, owned by the Wadia Group, has also filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal in Delhi.

"It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," Go First chief executive Kaushik Khona told news agency PTI.

Go First in the statement said they have grounded 25 aircraft, or 50 per cent of the fleet, as on Monday. This has directly led to a funds crunch as not having enough aircraft flying dries up earnings very fast in the aviation sector.

The airline in the statement said a Singapore arbitrator ordered P&W to supply at least 10 serviceable spare leased engines by April 27, 2023 and 10 more engines - one each per month - by December this year. But P&W has not followed the order, the airline alleged.

"... That order (of the arbitrator) directed P&W to take all reasonable steps to release and dispatch (the engines) without delay to Go First..." the airline said. "If P&W were to comply with the orders in the emergency arbitrator's award, Go First would be able to return to full operations by August-September 2023," the airline said.

747-237 · Posted: Wed May 03, 2023 4:34 am Post subject:

https://www.ch-aviation.com/portal/news/127164-indias-go-first-files-for-insolvency-sues-pw-for-977mn

Go First files for insolvency, sues P&W for $977mn

02.05.2023

Go First (G8, Mumbai International) has filed for insolvency at the National Company Law Tribunal in Delhi, blaming â€œPratt & Whitneyâ€™s defective and failing enginesâ€ for a cash-flow crisis, it said in a two-page statement on May 2. According to local media, it has suspended its flights for May 3 and 4.

The low-cost carrier said it had filed an application with the tribunal to enter the Corporate Insolvency Resolution Process under section 10 of Indiaâ€™s Insolvency Bankruptcy Code. It has also taken the step of suing the engine maker for INR80 billion rupees (USD977.2 million) in damages at the Singapore International Arbitration Centre (SIAC), it said.

An â€œever-increasing number of failing engines supplied by Pratt & Whitneyâ€™s International Aero Enginesâ€ has resulted in Go First having to ground 25 aircraft, or about half of its Airbus A320neo fleet, as of May 1, it said, adding that the percentage of aircraft grounded for this reason had grown from 7% in December 2019 to 31% in December 2020 to 50% in December 2022.

According to the ch-aviation fleets advanced module, Go First currently operates a fleet of 55 aircraft, namely five A320-200s, all of which are active, and fifty A320-200Ns, only twenty-two of which are active. Pratt & Whitneyâ€™s PW1127G-JM engines power all of the neo fleet.

Go Firstâ€™s owner Wadia Group revealed last month that it was searching for a strategic partner to buy a minority stake in the beleaguered airline while pledging to invest a further INR3 billion (USD36.6 million). The carrier posted its biggest annual loss in 2022.

Pratt & Whitney â€œhas repeatedly failed to meetâ€ its assurances related to the engines over the years, Go First said. In particular, the airline said, it had refused to comply with an award issued by an emergency arbitrator appointed in accordance with the arbitration rules of the SIAC.

That order directed the American aerospace manufacturer â€œto take all reasonable steps to release and dispatch without delay to Go First at least 10 serviceable spare leased engines by 27 April 2023 and a further 10 spare leased engines per month until December 2023,â€ with the objective of the carrier returning to full operations and assuring its survival.

If Pratt & Whitney were to comply, the airline would be able to return to full operations by August or September. Yet it â€œhas failed to provide any further serviceable spare leased engines at all, and has stated that there are no further spare leased engines available.â€

Go First has filed for insolvency to protect the interests of all stakeholders, it said, despite their infusion of INR32 billion (USD391 million) over the last three years, including INR2.9 billion (USD35 million) in April 2023 alone.

The grounding of half of its A320neo fleet â€œdue to the serial failure of Pratt & Whitneyâ€™s enginesâ€ has set the carrier back INR108 billion (USD1.32 billion) in lost revenue and additional expenses, it claimed. It has paid INR56.57 billion (USD691 million) to lessors in the last two years, it added.

It is to recover these losses that it is seeking compensation. If successful, â€œit is hoped that Go First will be able to address the liabilities of its creditors, small and large. However, at this stage, in the absence of Pratt & Whitney not providing the required number of spare leased engines in accordance with the order issued by the emergency arbitrator, Go First is no longer in a position to continue to meet its financial obligations.â€

Pratt & Whitney did not immediately respond to a request for comment from ch-aviation.

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iah87 · Member Joined: 17 Apr 2007 Posts: 2562

Go First which has been limping all along, finally reality has caught up to them. In this industry in India, one can be a niche player (like regional airline) but Go First had no niche to begin with. They are flying the same routes that other airlines - AI and Indigo are flying. It is time for GOI to step aside and do nothing to assist this airline. Let it go bankrupt or let another airline buy the assets and its certificate.

747-237 · Posted: Mon May 22, 2023 5:02 pm Post subject:

https://www.ch-aviation.com/portal/news/127818-indias-go-first-extends-flight-cancellation-period

Go First extends flight cancellation period

22.05.2023 - 04:23 UTC

Go First has pushed back any restart of flights until at least May 26, 2023, citing operational reasons. The airline suspended all flights and declared insolvency earlier this month, blaming engine supply issues for causing a cash flow crisis. It has since pushed out its proposed restart date several times.

"As you are aware, the company has filed an application for immediate resolution and revival of operations. We will be able to resume bookings shortly," a notice on the airline's website reads. India's Directorate General of Civil Aviation (DGCA) has also ordered the airline to stop taking any bookings until the question of its restart is resolved.

Go First, which has a fleet of now-inactive 54 aircraft, including forty-nine A320-200Ns, has faced long-running issues with its supply of Pratt & Whitney engines, causing it to ground many aircraft in the lead up to its insolvency. The airline filed an application to enter into the corporate insolvency resolution process under s.10 of Indiaâ€™s Insolvency Bankruptcy Code, which the New Delhi bench of the National Company Law Tribunal (NCLT) accepted on May 10.

After an initial two-day pause of flights, suspensions were extended until May 24 amid revelations Go First owed lessors over USD92 million, and banks a total of INR65.21 billion (USD793 million). The latest flight suspension extension was advised on May 18.

Meanwhile, Reuters reports that the Federation of Indian Pilots wants India's Ministry of Civil Aviation to allow Go First pilots to resign without having to serve out the mandated 12 month (six months for co-pilots) notice period. Go First pilots are now reportedly facing issues with salary payments and many are looking for new jobs, including at the Tata Sons owned Air India.
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