No plans to file for insolvency, says SpiceJet CMD Ajay Singh
SpiceJet on Thursday said it has no plans to file for bankruptcy in a bid to assuage business partners even as lessors are pushing the airline to clear their dues on fears that it might follow the path of Go First.
Ajay Singh, chairman and managing director of SpiceJet, also said the airline has started the process of reviving its grounded fleet by “using the $50 million ECLGS (Emergency Credit Line Guarantee Scheme) funds and our own cash”.
The airline has defaulted on lease rental payments and is in negotiations with lessors for two years now to restructure them.
