SpiceJet continues to explore settlement options with creditors


SpiceJet on Friday said that the company continues to explore options for settlement of its dues with its creditors. SpiceJet has outstanding dues worth 2,500 crore.

“The Company continues to explore various options for settlement of its outstanding dues with its creditors to normalize its obligations, subject to compliance with prescribed procedures and receipt of applicable approvals,” the company said in its regulatory filing.

The airline, SpiceJet had earlier approved transfer of its cargo business to its subsidiary SpiceXpress and Logistics Pvt Ltd. The company will transfer its assets and liabilities, know-how, trademarks, licenses, franchises, distribution network etc.

“This transfer of cargo business undertaking to SpiceXpress and Logistics Pvt Ltd will provide greater and differentiate focus to cargo and logistics business and will allow raising capital for the business to accelerate its growth,” SpiceJet said in its filing.

The transfer of business is under process and is awaiting final approval from lender.

Recently, SpiceJet airline warned its passengers about the possibility of flight delays in Delhi due to bad weather. The budgeted airline on Twitter wrote that there’s “massive” air traffic congestion in Delhi due to bad weather. Consequently, all “departures and arrivals flight” might get affected

SpiceJet reported a consolidated net loss of 833.2 crore for the quarter ended September 2022. The net loss of the company in the year ago period was 570.5 crore.

On Friday, the company shares was 4.45% down to 35.45 at BSE.


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