In a move to quash rumors of insolvency, SpiceJet said it is taking steps to revive its grounded fleet using the $50 million it received from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
Head above water
Despite the recent turbulence in the Indian aviation market, SpiceJet said it has no intentions of filing for insolvency and is focused on its business.
The airline was actively engaging with investors to raise funds and put itself back on track.
MD quashes rumors
Chairman and Managing Director Ajay Singh said,”There is absolutely no question of filing for insolvency.
Any rumor regarding the same is completely baseless.
We are focussed 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 $50 million ECLGS funds and our own cash.
Plans to revive grounded aircraft
He assured that the firm has a “great relationship with all our partners” and that its “lessors have supported us through the thick and thin and continue to do so” and “are grateful for their support and confidence.”
Last week, the budget carrier announced plans to revive 25 grounded aircraft that will help it capitalize and make the most of the upcoming peak travel season.
