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SpiceJet clears its Carlyle Aviation Partners debt
November 21st 2025
India’s SpiceJet announced it has completed the allotment of equity shares to Carlyle Aviation Partners. Read More » By doing this, the LCC cleared its IR4.42 billion (USD50 million) debt. The move follows the announcement on September 11 that SpiceJet had reached a settlement with the firm for the restructuring of certain lease dues amounting to USD 121.18 million. The settlement is expected to help the airline secure USD 89.5 million in liquidity and aid its ongoing restructuring efforts. The Economic Times reports the settlement agreement with Carlyle Aviation Partners also includes a mechanism under which, if lessors realise proceeds above USD50 million from the sale of the issued shares, a share of that excess will be applied to offset future lease obligations. The company said this forms part of the wider efforts to stabilise operations. “The Allotment Committee of the Board of Directors, in its meeting held on November 18, approved the issuance of 10,41,72,634 equity shares of face value Rs 10 each at an issue price of Rs 42.32 per share (including a premium of Rs 32.32) on a preferential basis under the non-promoter category,” the LCC said. The agreement also grants the LCC USD 79.6 million in cash maintenance reserves earmarked for future aircraft and engine maintenance, together with USD 9.9 million in cash maintenance credits that can be used to offset lease obligations. “This is an important milestone in our ongoing restructuring efforts and reflects our commitment to building a stronger and financially resilient SpiceJet. The removal of liabilities, combined with access to substantial maintenance reserves and credits, provides us with meaningful support as we continue to revive our fleet and expand operations. Several other restructuring initiatives are underway, and we are hopeful of closing them soon as we continue building a stronger, more resilient airline for our customers, partners, and shareholders,” Ajay Singh, Chairman and Managing Director of SpiceJet, said.
