SpiceJet’s CEO, Ajay Singh, is in talks to raise up to $100m through a structured credit transaction with global funds.
Despite facing challenges such as lawsuits and insolvency petitions, SpiceJet reported a net profit of $24.55m in the three months ending June 30, 2023. This improved financial performance has boosted the company’s ability to repay debt and manage its finances. The airline also benefited from the demise of competitor Go First.
In mid-2023, Singh pledged to invest $60m in SpiceJet, aiming to access an additional $25m through the Indian government’s Emergency Credit Line Guarantee Scheme. However, ongoing legal cases, including a payment order of $45.5m to former majority owner Kalanithi Maran, continue to put financial pressure on SpiceJet.
