At least one lessor has rejected a bid by SpiceJet (SG, Delhi International) to settle its debts by issuing shares in lieu. India’s Economic Times reports that Aircastle has said no to a debt-for-equity swap offer from the beleaguered airline. This comes as a Delhi court threatened to jail SpiceJet’s chairman earlier this week over the non-payment of debts.
The report states that SpiceJet has approached several lessors, including some who have commenced insolvency proceedings against the airline, with the offer. So far, only Carlyle Aviation Partners has agreed to swap its debt for a shareholding in the airline. SpiceJet’s shareholders recently approved a proposal to allocate nine Aircastle-controlled special purpose leasing vehicles …
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