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SpiceJet debt recast: Carlyle Aviation to pick up 7.5% stake in airline

SpiceXpress, the cargo business, to be hived off into separate unit

The Delhi-bound SpiceJet airplane following its emergency landing after it caught fire mid-air, at Jai Prakash Narayan Airport, in Patna (Photo: PTI)
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Aneesh Phadnis Mumbai
Low-cost carrier SpiceJet said on Monday that its board had restructured over $100-million (Rs 829-crore) dues to aircraft lessor Carlyle Aviation Partners into equity and compulsorily convertible debentures. The development comes after months of negotiations and approvals from lenders and lessors.

Carlyle Aviation will receive a 7.5 per cent stake in SpiceJet and compulsorily convertible debentures in the airline’s cargo subsidiary as part of the debt-restructuring plan.
 
Carlyle Aviation will be issued fresh equity shares worth $29.5 million (Rs 244 crore) of the airline at Rs 48 a share or at a Sebi-determined price, whichever is higher. Additionally, the lessor, which

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First Published: Feb 27 2023 | 9:03 PM IST

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