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Spicejet Jet Airways

Aircraft lessor Genesis to buy SpiceJet's stake to settle $16 mn dispute

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute. For the settlement, the airline will also pay USD 6 million to Genesis. The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities. Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums. In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over USD 16 million dispute. 'Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share,' it said. In September, Carlyle Aviation agreed to convert USD 30 million of lease arrears into SpiceJet equity at Rs 100 per share. Earlier,

Aircraft lessor Genesis to buy SpiceJet's stake to settle $16 mn dispute
Updated On : 19 Dec 2024 | 1:04 PM IST

SpiceJet secures rights to operate 100 Haj flights from 4 cities in 2025

Haj services have become a critical revenue stream for the airline with Spicejet anticipating to earn Rs 185 crore from these flight operations in 2025

SpiceJet secures rights to operate 100 Haj flights from 4 cities in 2025
Updated On : 02 Dec 2024 | 12:47 PM IST

SpiceJet to add 10 aircrafts by next month; first plane induction on Oct 10

Domestic carrier SpiceJet on Tuesday said it will enhance its fleet by another 10 aircraft by next month with the first plane set to be inducted on October 10. Seven of these aircraft will be acquired on lease, while three previously grounded ones are being reintroduced, SpiceJet said in a release. The Gurugram-headquartered airline has only 19 aircraft in operations while as many as 36 planes were on grounded as of October 8 according to the live aircraft fleet tracking website, Planespotter.net. The announcement comes on the back of SpiceJet securing Rs 3,000 crore fresh capital infusion through QIP late last month. The airline will receive an additional Rs 736 crore from a previous funding round, further bolstering its financial stability and growth trajectory. SpiceJet said it has already signed agreements for the leased aircraft, with the full induction of all seven planes expected by November 15. Two of these leased aircraft have already arrived in India and are scheduled f

SpiceJet to add 10 aircrafts by next month; first plane induction on Oct 10
Updated On : 08 Oct 2024 | 12:57 PM IST

Shareholders approve Rs 3,000 crore fund raising plan, says SpiceJet

SpiceJet on Thursday said its shareholders have approved the proposal to raise up to Rs 3,000 crore through issuance of securities. The no-frills carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations. In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution for raising funds of up to Rs 3,000 crore. The funds are proposed to be raised through Qualified Institutional Placement (QIP) and other options. SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft. Shares of the airline rose 8 per cent to close at Rs 71.66 on the BSE.

Shareholders approve Rs 3,000 crore fund raising plan, says SpiceJet
Updated On : 14 Sep 2024 | 12:15 AM IST

SpiceJet plans to raise over Rs 3,200 cr through debt, equity instruments

Cash-strapped domestic carrier Spicejet plans to raise over Rs 3,200 crore through various debt and equity instruments and capital infusion by the promoter, the airline said in a corporate presentation. The funds will be utilised in fleet ungrounding, liability settlement, new fleet induction and other general purposes, SpiceJet said in the presentation. "Spicejet plans to raise Rs 2,500 crore through QIP and Rs 736 crore through Previous Warrants and promoter infusion," it said. The proposed fundraising is subject to shareholders' approval, it added.

SpiceJet plans to raise over Rs 3,200 cr through debt, equity instruments
Updated On : 06 Sep 2024 | 11:54 PM IST

SpiceJet plans to raise $250 million by mid-August, says Ajay Singh

The airline's shareholders had earlier this year approved the issuance of equity and warrants for raising Rs 2,241 crore, out of which the airline has raised Rs 1,060 crore to date

SpiceJet plans to raise $250 million by mid-August, says Ajay Singh
Updated On : 05 Jun 2024 | 6:38 PM IST

KAL Air, Maran to seek Rs 1,323 crore in damages from SpiceJet, Ajay Singh

For the last several quarters, SpiceJet has been grappling with a cash crunch amid multiple legal battles over unpaid dues to aircraft lessors, engine lessors, lenders, and Maran

KAL Air, Maran to seek Rs 1,323 crore in damages from SpiceJet, Ajay Singh
Updated On : 27 May 2024 | 10:45 PM IST

SpiceJet finalises lease agreement for 10 aircraft to boost capacity

SpiceJet is currently operating about 1,362 flights per week, which is 16 per cent fewer services than a year ago, Cirium's data stated.

SpiceJet finalises lease agreement for 10 aircraft to boost capacity
Updated On : 14 Mar 2024 | 6:25 PM IST

SpiceJet's Ajay Singh, Busy Bee Airways jointly submit bid for GoFirst

The bid has been submitted by SpiceJet Chairman Ajay Singh, in his personal capacity, along with Busy Bee Airways Private Limited

SpiceJet's Ajay Singh, Busy Bee Airways jointly submit bid for GoFirst
Updated On : 16 Feb 2024 | 5:45 PM IST

After Ayodhya, SpiceJet plans to connect more tourist, religious places

After Ayodhya, SpiceJet plans to expand its business over the next two years and increase connectivity between various tourist and religious destinations including Lakshadweep, the airline's chief Ajay Singh said. The domestic carrier has also plans to operate seaplanes and is awaiting infrastructure development for water ports, the CMD told PTI in an interaction. "I think this is the time to expand. SpiceJet will do its utmost to expand its business over the next two years. We want to connect many tourist destinations, religious tourism, medical tourism, places like Lakshadweep," Singh said in reply to a question on company's expansion plan. According to Sing, the airline already has the licence to operate seaplanes and plans are in the works to connect several locations through seaplane services. On February 1, Uttar Pradesh Chief Minister Yogi Adityanath, Union Civil Aviation Minister Jyotiraditya Scindia, and Minister of State V K Singh jointly inaugurated SpiceJet's direct fli

After Ayodhya, SpiceJet plans to connect more tourist, religious places
Updated On : 04 Feb 2024 | 12:09 PM IST

SpiceJet gets over Rs 900 cr funding; to focus on fleet upgradation

With more than Rs 900 crore funding coming in this month, SpiceJet will focus on upgradation of its fleet and cost-cutting measures, as the no-frills airline works on ways to come out of turbulent times. In an internal note to the senior staff on Monday, the airline said it now has a substantial bank balance of more than Rs 900 crore, including Rs 160 crore received as an instalment under the government's Emergency Credit Line Guarantee Scheme (ECLGS). The carrier, which had been facing multiple headwinds in recent months, has so far received around Rs 1,000 crore under the ECLGS. The latest instalment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline, according to an official in the know. Singh, who has been helming the no-frills carrier, has so far put in Rs 200 crore out of the Rs 500 crore fund infusion that he had announced last year. The official said the airline has garnered a total of more than Rs 1,100 crore funds in three ..

SpiceJet gets over Rs 900 cr funding; to focus on fleet upgradation
Updated On : 29 Jan 2024 | 12:31 PM IST

SpiceJet passenger gets stuck in lavatory mid-air, airline apologises

For almost an hour, a SpiceJet passenger was stuck inside an aircraft lavatory mid-air, a cabin crew slipped in a note saying "do not panic" and finally the passenger came out after an engineer opened the door on landing at the Bengaluru airport. Malfunctioning of the lavatory door led to the passenger getting stuck onboard the flight from Mumbai to Bengaluru on Tuesday. The flight was operated with a Boeing 737-8 aircraft. SpiceJet apologised for the inconvenience caused to the passenger and will also provide a full refund. As the passenger kept waiting in the lavatory, a cabin crew slipped in a note asking the passenger not to panic and that despite trying their best, the door could not be opened. "Do not panic, we are landing in few mins, so please close the comode lid and sit on it and secure urself as soon as the main door is open, engineer will come. Do not panic," the handwritten note widely shared on social media said. An official said the Directorate General of Civil Avia

SpiceJet passenger gets stuck in lavatory mid-air, airline apologises
Updated On : 17 Jan 2024 | 7:59 PM IST

SpiceJet receives approval from BSE for Rs 2,242 cr capital infusion

No-frills carrier SpiceJet on Monday said it has received in-principle approval from the BSE for a Rs 2,242 crore capital infusion in the airline. The Gurugram-based airline also said that a significant portion of the fund infusion will be utilised to fuel the airline's growth, among others. SpiceJet has received in-principle approval from the BSE for the issuance of equity shares and warrants convertible into equity shares on a preferential basis, the airline said in a statement. This approval paves the way for a new fund infusion of Rs 2,242 crore in the airline, it said. A significant portion of the fund infusion will be utilised to fuel the airline's growth, expand its network and bring grounded planes back into operations, SpiceJet said. "We believe the fund infusion will open new avenues for SpiceJet, enabling us to capitalise on potential opportunities and contribute to the growth of the aviation sector in India," said Ajay Singh, Chairman and Managing Director of SpiceJet.

SpiceJet receives approval from BSE for Rs 2,242 cr capital infusion
Updated On : 15 Jan 2024 | 8:58 PM IST

Public should be aware of SpiceJet's inability to pay dues, says Delhi HC

The airline was also asked to submit an affidavit outlining a plan for the return of the engines to two engine lessors, Team France 01 SAS and Sunbird France 02 SAS

Public should be aware of SpiceJet's inability to pay dues, says Delhi HC
Updated On : 19 Dec 2023 | 9:20 PM IST

SpiceJet board adjourns meeting, to discuss funding plans on Tuesday

Crisis-hit SpiceJet's board of directors will continue to discuss fundraising plans on Tuesday after it could only partially complete the agenda items on Monday. On Monday, the no-frills airline's shares touched a 52-week high and ended with more than 10 per cent gains on the BSE as investors were enthused by funding plans and the proposal to list the company's securities on the National Stock Exchange (NSE). In an evening filing to the BSE, SpiceJet said its board on Monday "could only partially complete the agenda items and the meeting has now been adjourned to December 12, 2023 (Tuesday)". Apart from options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis, the board will also consider the September quarter results, as per the filing. Earlier in the day, shares of SpiceJet touched its 52-week high and closed with a gain of 10.19 per cent at Rs 60.57 apiece on the BSE. The airline has been grappling with multiple

SpiceJet board adjourns meeting, to discuss funding plans on Tuesday
Updated On : 11 Dec 2023 | 11:00 PM IST

SpiceJet inducts 5 leased Boeing 737, three 737 Max aircraft into its fleet

The airline had on June 9 said that it would induct ten Boeing 737 aircraft into its fleet to cater to the increased passenger demand

SpiceJet inducts 5 leased Boeing 737, three 737 Max aircraft into its fleet
Updated On : 01 Nov 2023 | 8:05 PM IST

Spicejet argues against maintainability of petition filed by lessors

Aircastle (Ireland) told the NCLT that it is entitled to file multiple petitions against SpiceJet for breach of multiple contracts

Spicejet argues against maintainability of petition filed by lessors
Updated On : 18 Jul 2023 | 1:26 PM IST

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market
Updated On : 22 May 2023 | 2:43 PM IST

SpiceJet in dire need of recapitalisation to revive operation: Report

The carrier has been strong in its pursuit of weathering the storm but it has faced a series of headwinds for more than three years. The company reported huge loss in April-June quarter

SpiceJet in dire need of recapitalisation to revive operation: Report
Updated On : 05 Sep 2022 | 7:25 PM IST

SpiceJet stock recovers most of early lost ground; settles over 3% lower

Shares of SpiceJet recovered most of their early lost ground and settled over 3 per cent lower on Thursday. Earlier in the day, it tumbled nearly 15 per cent after the company reported widening of net loss at Rs 789 crore during the April-June quarter of FY23. The company's stock tanked 14.65 per cent to Rs 39.60 during the early trade on the BSE. Later, it recovered most of the lost ground and settled at Rs 44.95, lower by 3.13 per cent. On the BSE, 15.66 lakh shares of the company were traded during the day. The BSE Sensex fell 770.48 points or 1.29 per cent to settle at 58,766.59. SpiceJet on Wednesday reported widening of net loss to Rs 789 crore in June quarter 2022-23 as high fuel prices and rupee depreciation adversely impacted the budget carrier. Apart from facing financial turbulence, SpiceJet aircraft have been involved in a series of incidents in the past, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline. T

SpiceJet stock recovers most of early lost ground; settles over 3% lower
Updated On : 01 Sep 2022 | 5:52 PM IST