SpiceJet Ltd. has entered into a term sheet agreement with Carlyle Aviation Management Ltd. to restructure its aircraft lease obligations.
As of June 30, these obligations were around $137.68 million and after the settlement and possible waivers, this amount will be reduced to $97.51 million, according to an exchange filing on Friday.
The airline plans to restructure its finances through the issuance of securities worth $30 million at Rs 100 per share, subject to the approval from the shareholders and signing of a final agreement between both parties. Carlyle Aviation will also purchase convertible debentures for $20 million from SpiceXpress and Logistics Pvt. Ltd., a subsidiary of the company, it said.
Source: NDTV Profit