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

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

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