NEW DELHI: In a boost to SpiceJet, one of its biggest lessors will reportedly convert dues of over $100 million into about 5% stake in the low cost carrier (LCC). Additionally, Miami-based Carlyle Aviation Partners, which has leased 13 Boeing 737s to the airline, will convert a part of dues into CCDs of SpiceXpress at a future valuation of over $1 billion, say people in the know. Similarly, SpiceJet is in talks with other creditors to convert their dues into equity. “Significant reduction in debt will deleverage balance sheet for future expansion,” said sources.
Comments were sought from SpiceJet on Carlyle and awaited till the time of going to press. SpiceJet has been planning to hive off cargo and logistics company SpiceXpress. The airline says this will allow it to raise funds independent of the budget carrier.
