SpiceJet restructures dues to Carlyle Aviation, to raise fresh capital

In a move that will help reduce its debt by $100 million, cash-strapped SpiceJet on Monday announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business.

As it faces multiple headwinds, the no-frills carrier will also tap the Qualified Institutional Buyer (QIB) route to raise up to Rs 2,500 crore.

SpiceJet’s board has approved restructuring more than $100 million outstanding dues to aircraft leasing firm Carlyle Aviation Partners into equity shares and Compulsorily Convertible Debentures (CCDs).