SpiceJet Board to meet today; likely to take up recapitalisation plan

As per a Business Standard report by Sharmistha Mukherjee, amid growing concerns over the deteriorating financial health of no-frills carrier SpiceJet Ltd, the airline's Board is set to meet today to discuss measures to recapitalise the airline. The meeting comes at a time when the Directorate General of Civil Aviation (DGCA) has directed SpiceJet to prepare a plan by December 15 to pay about Rs 1,600 crore, according to DGCA sources, which it owes various vendors and suppliers. No timeline has been specified to make the outstanding payments at present.

The company had in a statement said "... our payables to suppliers are significantly less than the Rs 1600 crore number being erroneously quoted".

According to highly-placed sources in the government, SpiceJet has assured them that promoters will examine ways to infuse capital into the cash-strapped carrier in the meeting on Monday. "They have been talking of bringing on board an investor for some time. The board is scheduled to meet on Monday. The promoters, we have been told, will look at ways to infuse capital into the airline," said a senior government official.

 Read Story at: http://www.travelbizmonitor.com/Aviation/spicejet-board-to-meet-today-likely-to-take-up-recapitalisation-plan-26013

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