NEW DELHI: In a significant reduction to struggling-to-survive SpiceJet, one in every of its largest plane lessors Carlyle has agreed to convert upto $50 million of its dues into fairness. In a regulatory submitting, the airline and Carlyle Aviation Administration Ltd (CAML) stated they’ll restructure lease obligations at a fee of Rs 100 per share of SpiceJet — 63% premium over the closing share value of Rs 61.46 on BSE Friday.The airline has been attempting to lift funds to remain afloat amid mounting payables to stakeholders, together with workers.
“SpiceJet and CAML have entered right into a time period sheet to restructure sure plane lease obligations of SpiceJet aggregating to $137.68 million (as of June 30, 2024), which upon settlement/waivers might be adjusted to $97.51 million (topic to additional changes, if any),” the submitting stated.
“Such variety of fairness shares at a value of Rs 100 per share, topic to an mixture quantity of no more than $ 30 million. Lessors can even contemplate buying, by way of the alternate of lease
arrears, compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd (a SpiceJet subsidiary) in a principal quantity of $20 million,” the submitting stated.
That is the second time Carlyle might be partially changing its dues into fairness in SpiceJet. Final August, SpiceJet had sought shareholders’ nod to challenge 5.91% stake to Carlyle Aviation Companions at Rs 48 per share. Carlyle, SpiceJet’s largest plane lessor, had that point additionally determined to transform a part of its dues to the airline into fairness shares and compulsorily convertible debentures (CCDs).
“SpiceJet and CAML have entered right into a time period sheet to restructure sure plane lease obligations of SpiceJet aggregating to $137.68 million (as of June 30, 2024), which upon settlement/waivers might be adjusted to $97.51 million (topic to additional changes, if any),” the submitting stated.
“Such variety of fairness shares at a value of Rs 100 per share, topic to an mixture quantity of no more than $ 30 million. Lessors can even contemplate buying, by way of the alternate of lease
arrears, compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd (a SpiceJet subsidiary) in a principal quantity of $20 million,” the submitting stated.
That is the second time Carlyle might be partially changing its dues into fairness in SpiceJet. Final August, SpiceJet had sought shareholders’ nod to challenge 5.91% stake to Carlyle Aviation Companions at Rs 48 per share. Carlyle, SpiceJet’s largest plane lessor, had that point additionally determined to transform a part of its dues to the airline into fairness shares and compulsorily convertible debentures (CCDs).
