SpiceJet seeks one-time restructuring of debt
December 20, 2020
Low-cost carrier also approaches YES Bank for ₹500-crore working capital loan To tide over the pandemic-led disruptions, stressed low-cost airline SpiceJet has sought a one-time debt restructuring, apart from ₹500-crore in a working capital loan, from YES Bank. It has also submitted a revival plan and its financial documents to the private bank. Ajay Singh-led SpiceJet has submitted the restructuring proposal per the guidelines issued by the KV Kamath committee and announced by the RBI in September.
“In an emailed communication to YES Bank, SpiceJet proposed a one-time debt restructuring under RBI guidelines to stay afloat. It will also require ₹500 crore of working capital. Its top management has had a meeting with the Aviation Minister for consideration (of the requests),” said a source.