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Carlyle Aviation to write off $40 mn of SpiceJet's lease arrears

VCCircle

VCCircle · 11m ago

Carlyle Aviation to write off $40 mn of SpiceJet's lease arrears

Private equity firm Carlyle Group's aviation investment and servicing unit will write off $40.2 million of Indian budget carrier SpiceJet's lease arrears and convert $30 million of the arrears into equity. This move comes after SpiceJet's recent announcement that it would convert dues to Carlyle Aviation into equity and debentures, as it struggles to fully restore operations and compete with rivals IndiGo and Air India. Carlyle Aviation's stake in SpiceJet will significantly increase as a result of the conversion.

Related News

Former SpiceJet pilots join bankruptcy chorus over ₹3 crore unpaid dues

Livemint

Livemint · 6m ago

Former SpiceJet pilots join bankruptcy chorus over ₹3 crore unpaid dues

SpiceJet's financial troubles continue as two former pilots have filed a bankruptcy petition due to ₹3 crore in unpaid dues, claiming salary arrears were not settled. Despite SpiceJet's response that settlements were offered, the pilots accuse the airline of arbitrary pay conditions tied to flight hours. The ongoing legal disputes highlight SpiceJet's cash-flow challenges since the pandemic, with numerous insolvency cases from creditors. The airline's future depends on debt restructuring and overcoming operational hurdles.

SpiceJet pays $2 million to settle dispute with Shannon Engine Support

Livemint

Livemint · 10m ago

SpiceJet pays $2 million to settle dispute with Shannon Engine Support

SpiceJet has settled a $4.5 million dispute with Shannon Engine Support Limited (SES) for an aggregate sum of $2 million. The settlement was reached through amicable negotiations, avoiding courtroom proceedings. As part of the settlement, all ongoing litigations and disputes between the two parties will be withdrawn. This settlement follows several recent financial agreements made by SpiceJet, including settlements with Aircastle and Wilmington Trust for $5 million, and with Horizon Aviation and Engine Lease Finance Corporation for undisclosed amounts. SpiceJet's shares were trading lower following the announcement.

Centre orders IndiGo to exit Turkish Airlines lease deal by August 31

Business Today

Business Today · 3m ago

Centre orders IndiGo to exit Turkish Airlines lease deal by August 31

The Centre has instructed IndiGo to end its lease agreement with Turkish Airlines by August 31. This follows the revocation of security clearance for Turkish ground-handling firm, Celebi Aviation. IndiGo had been using two Boeing 777-300ER aircraft from Turkish Airlines under a wet lease agreement. Despite requesting a six-month extension, the Ministry of Civil Aviation denied the extension beyond the original May 31 lease expiry, only allowing a brief relief period.

Carlyle hits the sell button on another Indian bet eyeing juicy returns

VCCircle

VCCircle · 9m ago

Carlyle hits the sell button on another Indian bet eyeing juicy returns

Private equity firm Carlyle is planning to sell off another Indian portfolio company, following its partial exits from two other companies this year. Carlyle intends to divest its stake in Hexaware, worth $1.2 billion, through an IPO. The firm's managing director in India, Neeraj Bharadwaj, serves on the boards of several portfolio companies including Hexaware, Indegene, and Dailyhunt. Carlyle is targeting lucrative returns with its divestments in the Indian market.

Delhi HC begins contempt case against SpiceJet for not returning TWC’s assets | Mint

Livemint

Livemint · 1y ago

Delhi HC begins contempt case against SpiceJet for not returning TWC’s assets | Mint

The Delhi High Court has ordered the registration of a contempt case against SpiceJet's directors for failing to comply with an order to return leased assets to lessor TWC Aviation Capital Ltd. The court issued a show cause notice to the airline's directors, asking why contempt proceedings should not be initiated. SpiceJet had partially complied with the order, returning two airframes and two engines, but the court emphasized that full compliance was necessary within nine days. TWC Aviation claims rental dues of around $16 million from the airline.

PSU banks write off loans over Rs 5.82 lakh cr in last 5 years: MoS Finance

Economic Times

Economic Times · 16d ago

PSU banks write off loans over Rs 5.82 lakh cr in last 5 years: MoS Finance

Public sector banks in India have written off approximately Rs 5.82 lakh crore in bad loans over the past five years, according to a statement made in Parliament. In the last fiscal year, the write-off was Rs 91,260 crore, a decrease from the previous year's Rs 1.15 lakh crore. Despite write-offs, banks have recuperated around Rs 1.65 lakh crore, or about 28% of the total write-off amount. Recovery efforts continue through various legal mechanisms.

Adani’s gift city arm to break even in nine years

Thehindubusinessline

Thehindubusinessline · 1y ago

Adani’s gift city arm to break even in nine years

Adani Ports' subsidiary, Udanvat Leasing IFSC Ltd, plans to enter the aircraft leasing market and achieve net foreign exchange positivity within nine years. With an initial investment of ₹555 crore over the next five years, Udanvat aims to acquire aircraft and lease them through operating lease agreements. The company's goal is to compete in the global aircraft leasing market and establish itself as a key player in GIFT City, aligning with the Indian government's efforts to position the city as a global aviation hub.

Did mPokket overcome write-off woes with profit growth in FY23?

VCCircle

VCCircle · 2y ago

Did mPokket overcome write-off woes with profit growth in FY23?

Fintech lender mPokket managed to overcome write-off challenges with profit growth in FY23. The company's strategic efforts led to positive financial results despite facing write-off issues. mPokket's ability to navigate challenges and achieve profit growth underscores its resilience and effective management, demonstrating its commitment to sustainable growth in the competitive fintech lending sector.

Kedaara Capital takes a write-off on its $100 mn plus bet

VCCircle

VCCircle · 1y ago

Kedaara Capital takes a write-off on its $100 mn plus bet

Kedaara Capital, a private equity firm known for its profitable exits, has faced its first major setback with a significant write-off on a more than $100 million investment. This comes after a streak of successful exits, which allowed Kedaara to raise a record-breaking PE fund focused on India. While the firm had previously managed to avoid unsuccessful exits, this recent development highlights the unpredictability of investments in the private equity space.

Carlyle-backed Varmora eyes a pre-IPO fundraising round of up to $150 mn

Livemint

Livemint · 1y ago

Carlyle-backed Varmora eyes a pre-IPO fundraising round of up to $150 mn

Varmora Granito, a sanitaryware maker backed by Carlyle Group, is looking to raise $100-150 million in a pre-public listing round. The fundraising, which includes primary and secondary investments, is expected to value the company at nearly $600 million. Carlyle is likely to sell some of its stake in the round and partially during the IPO. The company, based in Morbi, Gujarat, has received interest from investors including GIC and 360 One. Varmora Granito aims to list on Indian bourses within the next 18-24 months.

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