SpiceJet Limited has successfully reached a significant settlement with Carlyle Aviation Partners, unlocking a total of $89.5 million to strengthen its liquidity and support ongoing restructuring efforts. The deal includes $79.6 million in cash maintenance reserves for future aircraft and engine maintenance, along with $9.9 million in cash maintenance credits to offset lease obligations.
The settlement is part of a broader agreement with Carlyle Aviation Partners and its affiliates. Under the deal, lessors will restructure lease obligations totaling $121.18 million, complemented by the issuance of equity shares worth $50 million. Additionally, the agreement includes a mechanism ensuring that any proceeds above $50 million from the sale of these shares will partially be applied to offset future lease obligations.
SpiceJet’s promoters, or their designated assignees, will also have the option to purchase the issued equity shares once the statutory lock-in period and any additional contractual lock-in period expire.
This settlement marks a key milestone in SpiceJet’s strategic restructuring and cost-efficiency initiatives. The airline continues to focus on building long-term partnerships with stakeholders while positioning itself for sustainable growth in the competitive aviation sector.
