In a transfer to quash rumors of insolvency, SpiceJet mentioned it’s taking steps to revive its grounded fleet utilizing the $50 million it obtained from the federal government’s Emergency Credit score Line Assure Scheme (ECLGS) and inner money accruals.
Head above water
Regardless of the latest turbulence within the Indian aviation market, SpiceJet mentioned it has no intentions of submitting for insolvency and is concentrated on its enterprise.
The airline was actively participating with buyers to boost funds and put itself again on monitor.
MD quashes rumors
Chairman and Managing Director Ajay Singh mentioned,”There may be completely no query of submitting for insolvency.
Any rumor concerning the identical is totally baseless.
We’re focussed firmly on reviving our grounded fleet and getting increasingly more planes again into the air.
Work on this entrance has already begun and the Firm is utilizing the $50 million ECLGS funds and our personal money.
Plans to revive grounded plane
He assured that the agency has a “nice relationship with all our companions” and that its “lessors have supported us by means of the thick and skinny and proceed to take action” and “are grateful for his or her help and confidence.”
Final week, the finances service introduced plans to revive 25 grounded plane that may assist it capitalize and take advantage of the upcoming peak journey season.
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