NEW DELHI: Spicejet on Friday said it entered into an agreement with Carlyle Aviation Management Limited (CAML) to restructure certain aircraft lease obligations of the airline aggregating USD 137.68 million (as of June 30, 2024), which upon settlement/waivers will be adjusted to USD 97.51 million, owed to various lessor entities managed by CAML or its affiliates.
Carlyle Aviation would raise its stake in SpiceJet via equity conversion at Rs 100 per share. “Part of the outstanding lease arrears due to aircraft lessors i.e. aggregating to USD 137.68 million (as of June 30, 2024), as adjusted to USD 97.51 million are proposed to be restructured through issuance/purchase of securities, subject to compliance with applicable Indian law, approval of shareholders and execution of definitive agreement between the Parties, as under:
Such a number of equity shares of the company for Rs 100 per share, subject to an aggregate amount of not more than USD 30 million. Lessors will consider purchasing, via exchange of lease arrears, compulsorily convertible debentures of SpiceXpress & Logistics in a principal amount of USD 20 million,” said SpiceJet under a regulatory filing.