SpiceJet gives lessors shares to clear $28 million outstanding dues

BENGALURU, Sept 4 (Reuters) – Indian low-cost carrier SpiceJet on Monday said it allotted over 48 million shares to nine aircraft lessors to clear outstanding dues worth 2.31 billion rupees (nearly $28 million), as the troubled airline looks to return to full operations.

The carrier’s shareholders had on Thursday passed a number of resolutions, including a 25 billion rupees fundraise and a preferential issue of shares to lessors to clear outstanding dues.

SpiceJet has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.