SpiceJet works out deferral arrangements for foreign exchange facility

SpiceJet on Friday said it has worked out deferral arrangements with financial institutions for its foreign exchange facility.

Commercial flight operations have been suspended till April 14 as part of larger efforts to prevent spreading of coronavirus infections. Airlines, including SpiceJet, are among the worst hit, due to suspension of operations.

"The company has already worked out forbearance/ deferral arrangements with the relevant financial institutions for its foreign exchange facility," SpiceJet said in a filing to the BSE on Friday.

The airline has also been working with Indian financial institutions in accordance with the moratorium announced by the Reserve Bank of India, it added.

The filing was in response to a clarification sought by the exchange on Crisil revising credit rating regarding the airline's credit facilities.

"The recent revision in rating by Crisil is on account of overall effect of COVID-19 on the business which has been halted on account of lockdown.

"These ratings are for the facilities availed by the company," it added.

The 21-day nationwide lockdown began on March 25 in the fight against the coronavirus pandemic.