GURUGRAM, September 11, 2025: SpiceJet Limited has finalized a settlement with Carlyle Aviation Partners, releasing US $79.6 million in cash maintenance reserves for future aircraft and engine upkeep, along with US $9.9 million in cash maintenance credits to help offset its lease obligations. This arrangement significantly boosts the airline’s liquidity and aids its ongoing restructuring initiatives. These enhancements in liquidity are integral to the overall settlement with Carlyle Aviation Partners and its associated entities, through which the lessors will restructure certain lease obligations amounting to US $121.18 million alongside the issuance of equity shares totaling US $50 million.
The settlement also includes a provision for a mechanism that allows, if lessors receive proceeds exceeding US $50 million from the sale of the issued shares, a portion of that excess to be used to reduce future lease obligations. The promoter, or a designated assignee, will have the opportunity to purchase these equity shares on mutually agreed terms after the statutory lock-in period and any additional lock-in period that may be contractually established between the parties. Ajay Singh, Chairman & Managing Director of SpiceJet, remarked, ‘This agreement represents a significant milestone in our ongoing restructuring and un-grounding efforts. The support from Carlyle showcases their confidence in SpiceJet’s long-term potential.
This transaction effectively lowers our liabilities, enhances our balance sheet, and positions us for sustainable growth.’ The settlement underscores SpiceJet’s commitment to strategic restructuring, cost efficiency, and fostering long-term partnerships with stakeholders as it navigates its next growth phase.