INSUBCONTINENT EXCLUSIVE:
The budget carrier's shares jumped as much as 6 per cent after the announcement
| Photo: Shutterstock1 min read Last Updated : Sep 10 2024 | 3:33 PM IST
SpiceJet said on Tuesday that Carlyle Group's commercial aviation
investment and servicing unit will write off $40.2 million of the airline's lease arrears and convert $30 million of its arrears into
shares jumped as much as 6 per cent after the announcement.
The write-off comes days after the airline said it will convert dues to Carlyle
Aviation into equity and debentures
The airline has been struggling to fully restore operations despite multiple fundraises over the last year, trailing rivals IndiGo and
SpiceJet said.
Carlyle Aviation currently holds a nearly 6 per cent stake in SpiceJet, the latter said in a response to a Reuters inquiry
The airline did not disclose the stake Carlyle Aviation will hold post-conversion.
Late last month, the country's aviation watchdog placed
SpiceJet under enhanced surveillance after a recent audit revealed "certain deficiencies".(Only the headline and picture of this report may
have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Sep 10
