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JPMorgan Chase & Co is partnering with SpiceJet's co-founder for a $200 million holding in the distressed carrier, a senior government official said.
A private-equity unit of JPMorgan and Ajay Singh, who quit as a director of the airline in 2010, plan to buy the entire stake held by majority shareholder Kalanithi Maran, said the official with direct knowledge of Singh's plans.
SpiceJet is under pressure to end a more than two-year search for an investor after missing salary payment to staff and cancelling about 2,000 flights this month. The government added to the saga this month with a flip-flop over a proposed rescue package, initially saying it would ask banks to lend as much as Rs 600 crore to the carrier before stating later that it can't help an individual company.
