SpiceJet Archives - Page 2 of 2

15 Sep

SpiceJet pays $1.5 mn to Credit Suisse after SC warning

New Delhi, Sep 15, SpiceJet on Friday said that it has complied with the Supreme Court's directive by transferring $1.5 million to Credit Suisse. "SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse. The payment was executed on Thursday," said an airline spokesperson. Earlier, Supreme Court had issued a stern warning to SpiceJet Chairman and Managing Director (CMD), Ajay Singh, for default in making the due payments to the global investment bank and financial services firm. A bench comprising Justices Vikram Nath and Ahsanuddin Amanullah had ordered the budget airline to…

05 Sep

NCLT asks SpiceJet to settle disputes with lessors in ongoing insolvency cases

New Delhi, Sep 5, The National Company Law Tribunal (NCLT) on Tuesday asked SpiceJet to work towards resolving disputes with the lessors who have initiated insolvency proceedings against the airline. This came during an insolvency plea filed by one of the lessors -- Celestial Aviation Services Limited -- against the low-cost airline. The NCLT noted that all insolvency petitions against SpiceJet have been brought forward by lessors rather than banks or financial institutions. Consequently, the tribunal encouraged the airline to consider settling with the lessors, stressing that this could be in its best interest. In May, lessors had requested the…

22 May

SpiceJet insolvency row: DGCA’s early warnings reveal brewing trouble

New Delhi, May 21 (IANS) As the insolvency issue of SpiceJet heats up, prior red-flagging to the company by the Directorate General of Civil Aviation (DGCA) had pointed out long awaited trouble for the aviation giant. Last year itself the DGCA had warned the airline after noticing various anomalies regarding its service. "Financial assessment carried out by DGCA revealed SpiceJet is operating on cash and carry and suppliers/approved vendors are not being paid on regular basis leading to the shortage of spares and frequent invoking of minimum equipment list (MEL)... it was deduced SpiceJet failed to establish a safe, efficient and…

03 Apr

SpiceJet completes SpiceXpress hive off, results in one-time gain of Rs 2,555.77 cr

New Delhi, April 3 (IANS) SpiceJet has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited. The consideration for the slump sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet. The hive off is effective from April 1, 2023 and paves the way for SpiceXpress to raise funds independently. As per the airline, the hive off would strengthen SpiceJet's balance…

27 Feb

Carlyle Aviation to pick up 7.5% stake in SpiceJet

New Delhi, Feb 27 (IANS) SpiceJet has restructured over $100 million outstanding dues to Carlyle Aviation Partner, into equity shares and compulsorily convertible debentures (CCDs). Aircraft lessor, Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle's $143 billion Global Credit platform. The transaction will wipe out over $100 million debt of SpiceJet, thereby strengthening its balance sheet for future expansion. The move will substantially deleverage the company's balance sheet. The Board of Directors of SpiceJet Ltd. on Monday approved issuing fresh equity shares of $29.5 million or Rs 244.28 crore to Carlyle Aviation Partner at Rs 48…

23 Sep

SpiceXpress expands air cargo capacity with 737-800 Boeing Converted Freighter

SpiceJet's cargo business is the first in South Asia to operate the efficient standard-body freighter on lease from Spectre Cargo Solutions’ NGF Alpha Limited - 737-800BCF’s lower operating costs to help SpiceXpress serve one of the world’s most populated regions SINGAPORE: SpiceXpress, SpiceJet’s cargo division, has taken delivery of its first 737-800 Boeing Converted Freighter (BCF) as the India-based carrier expands its air cargo operation to better serve one of the world’s most populated regions and offer new route options. “We are expanding the markets we currently serve, particularly in the Middle East, Hong Kong and Bangladesh and the 737-800BCF’s reliability…