Low-cost carrier Spicejet, announced on Friday that it has signed a term sheet to restructure $137.68 million in aircraft lease obligations (as of June 30, 2024). After settlements or waivers, the amount will be reduced to $97.51 million, owed to lessors managed by CAML and its affiliates.
“In a bid to SpiceJet Limited and Carlyle Aviation Management Limited enter into a term sheet to restructure certain aircraft lease obligations of SpiceJet aggregating to USD 137.68 million (as of June 30, 2024), which upon settlement/waivers will be adjusted to USD 97.51 million, owed to various lessor entities managed by CAML or its affiliates,” said the airline through stock exchange filing.
The restructuring plan follows the budget airline’s ongoing challenges in fully restoring operations, despite several fundraises over the past year. Late last month, the country’s aviation regulator placed SpiceJet under heightened scrutiny after a recent audit uncovered “certain deficiencies.”
On Friday, the carrier announced an agreement with Carlyle Aviation Management to restructure approximately $137.68 million in aircraft lease obligations as of June 30, which will be reduced to $97.51 million following settlement or waivers.