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SpiceJet in talks to raise $200 million
Saturday, 31 Aug, 2022
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Struggling airline SpiceJet is in talks with banks to raise up to $200 million.
It comes as SpiceJet finance chief Sanjeev Taneja resigned.
The carrier posted a loss of $99 million for the quarter through June
“The industry has been witness to one of the most severe operating environments in the recent past which impacted the progress and recovery,” said chairman Ajay Singh.
High fuel costs and a declining Indian rupee were blame, he said.
SpiceJet also plans to spin off its cargo operations into a separate business.
India’s aviation regulator has limited SpiceJet’s flight operations to 50% after several mid-air safety issues.
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