SpiceJet will use this money for statutory dues and other payments to the lessees.
New Delhi:
Airline sources told ANI that budget carrier SpiceJet will receive around Rs 225 crore next week under the Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
Launched by the central government in 2020 as a special scheme in the wake of COVID-19, the program aims to provide guarantee coverage to banks and NBFCs to provide emergency loans to various industries to meet their working capital requirements. be able to provide
SpiceJet will use this money for statutory dues and other payments to the lessees.
Furthermore, sources said the airline’s new chief financial officer will join next week.
On August 31, former CFO Sanjeev Taneja resigned from his post.
“The Board (of SpiceJet) has also identified the candidate for appointment as the Chief Financial Officer of the Company. The vacancy will be filled in the month of September 2022 and necessary disclosure in respect of such appointment will be made on completion of all formalities. ” It said in a stock filing dated August 31.
Besides, the process of raising funds has begun “in full swing”, the sources said.
In terms of deliveries of the new Max jets, sources said the deliveries will start “soon”.
According to reports, SpiceJet is planning to take deliveries of at least seven Boeing 737 MAX jets this year.
SpiceJet has been going through a very turbulent period in the recent past due to several glitches and non-compliance of mandatory guidelines regarding training of some pilots.
It all started in April 2022 when the Directorate General of Aviation Monitoring (DGCA) barred 90 pilots of the airline from operating Boeing 737 MAX aircraft because they were not properly trained.
Those pilots were trained on a faulty simulator, and the aviation regulator asked the airline to retrain the pilots, in addition to a fine of Rs 10 lakh.
Several incidents were reported this year when aircraft of SpiceJet and other carriers either returned to their origin stations or continued to land at destinations with poor safety margins.
Coming to earnings, SpiceJet reported a net loss of Rs 789 crore in the first quarter of the current fiscal as the company’s business was badly hit due to record high fuel prices and rupee depreciation.
SpiceJet had a net loss of Rs 729 crore during the first quarter of the last financial year.
Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the corresponding quarter of the previous year. For the corresponding comparable period, operating expenses stood at Rs 3,267 crore as against Rs 1,995 crore.
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