SpiceJet Secures $89.5M Liquidity Through Settlement with Carlyle Aviation Partners
SpiceJet Limited has finalized a settlement with Carlyle Aviation Partners, which will release $79.6 million in cash maintenance reserves for future aircraft and engine maintenance. Additionally, the agreement provides $9.9 million in cash maintenance credits that will help offset lease obligations. This arrangement improves the airline’s liquidity and supports its ongoing restructuring efforts.
As part of the settlement, Carlyle and its affiliated entities will restructure certain lease obligations totalling $121.18 million. This process will coincide with the issuance of equity shares valued at $50 million. Any proceeds from the sale of these shares that exceed $50 million will be used to offset future lease obligations. The promoter, or its designated assignee, will have the option to purchase these equity shares under mutually agreed-upon terms following the statutory and any additional lock-in periods.
Ajay Singh, Chairman & Managing Director, SpiceJet, said, “This agreement marks a significant milestone in our ongoing restructuring and un‐grounding efforts. The support extended by Carlyle demonstrates their confidence in SpiceJet’s long‐term prospects. This transaction meaningfully reduces our liabilities, strengthens our balance sheet, and positions us well for sustainable growth.”
The settlement demonstrates SpiceJet’s ongoing commitment to strategic restructuring, cost management, and fostering partnerships with key stakeholders as it transitions into the next phase of operations.
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