IDFC, Indian Bank, Yes Bank put SpiceJet loans in high-risk category
Private lenders IDFC First Bank and Yes Bank and state-owned Indian Bank have put their loans to SpiceJet Ltd in the high-risk category, the latest setback for the airline, people with knowledge of the matter said.
The lenders are concerned about SpiceJet’s cash flows and have held discussions seeking assurances from the budget carrier as it is behind on payments to some aircraft lessors, the sources said.
SpiceJet’s shares fell as much as 4.8% on the news.
The discussion comes as SpiceJet’s approved fleet was halved for eight weeks this summer by regulators due to safety snags and as lessors have filed formal applications to de-register four planes.
