Cash strapped India airline SpiceJet will offer one of its major lessor creditors a near 6% stake in the business.
The airline is seeking shareholders’ approval to offer Carlyle Aviation Partners a 5.91% stake.
This would be at a 55% premium on the current price.
Carlyle, along with other lessors, are owed millions on unpaid leasing fees.
The US leasing firm will convert dues of about $28 million to equity.
Also, SpiceJet founder Ajay Singh will inject further funds into the India airline.
This will enable the airline to access special government Emergency Credit Line Guarantees.
Singh already owns a 59% stake in the company.
