SpiceJet Secures $89.5 Million Liquidity Boost via Carlyle Settlement

SpiceJet Limited has reached a settlement with Carlyle Aviation Partners and its affiliated entities, unlocking $79.6 million in cash maintenance reserves for future aircraft and engine maintenance, alongside $9.9 million in cash maintenance credits to offset lease obligations. This agreement significantly enhances the airline’s liquidity and supports its ongoing restructuring programme.

The liquidity enhancements form part of an overall settlement under which the lessors will restructure certain lease obligations totalling $121.18 million, in conjunction with the issuance of equity shares aggregating $50 million. The settlement also provides a mechanism whereby, should the lessors realise proceeds above $50 million from the sale of the issued shares, a portion of the excess will be applied to offset future lease obligations.

The promoter (or their designated assignee) will have the option to purchase the equity shares on mutually agreed terms upon the expiry of the statutory lock‑in period and any additional lock‑in period contractually agreed between the parties.

Ajay Singh, Chairman & Managing Director, SpiceJet, said, “This agreement marks a significant milestone in our ongoing restructuring and un‐grounding efforts. The support extended by Carlyle demonstrates their confidence in SpiceJet’s long‐term prospects. This transaction meaningfully reduces our liabilities, strengthens our balance sheet, and positions us well for sustainable growth.”

The settlement reflects SpiceJet’s continued focus on strategic restructuring, cost efficiency, and long‑term partnerships with stakeholders as it charts its next phase of growth.