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Not filing for insolvency, SpiceJet focused on reviving grounded fleet: Ajay Singh, ET TravelWorld

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Budget carrier SpiceJet on Thursday informed that it has initiated the process of reviving its grounded fleet with the USD 50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.

Terming the rumors on the airline filing for bankruptcy baseless, SpiceJet‘s Chairman & Managing Director further said that they are firmly focused on reviving its grounded fleet and getting more and more planes back into the air. He added the SpiceJet has already received funds from government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.

“There is absolutely no question of filing for insolvency. Any rumour regarding the same is completely baseless. We are focused firmly on reviving our grounded fleet and getting more and more planes back into the air. Work on this front has already begun and the Company is using the USD 50 million ECLGS funds and our own cash. We have a great relationship with all our partners. Our lessors have supported us through the thick and thin and continue to do so and we are grateful for their support and confidence,” Singh said.

SpiceJet to revive 25 grounded aircraft with funds from ECLGS scheme

. The airline has already mobilised around INR 400 crore towards getting its grounded fleet back in the air, which will further enhance its top-line. Ajay Singh, Chairman and Managing Director, SpiceJet that the airline is meticulously working towards return to service of our grounded fleet back in the air soon.

In view of the recent developments in the Indian aviation market, the airline has categorically stated that it has no plans whatsoever to file for insolvency. “We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focused on its business and remains in active talks with investors to raise funds,” the carrier said in a statement. SpiceJet had last week announced plans to revive 25 grounded aircraft that will help it capitalise and make the most of the upcoming peak travel season.

  • Published On May 11, 2023 at 02:53 PM IST

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