SpiceJet seeks more time

As its deadline to pay Rs 200 crore to the Airports Authority of India (AAI) ended, financially troubled SpiceJet on Wednesday sought 10 more days to clear the dues.

Though there is no official word, it is believed that the government is sympathetic to the request and may clear the proposal giving the airline a breather. The AAI had asked SpiceJet to clear the dues by Wednesday or be ready to be put on cash and carry mode to avail facilities at airports.

Sources said the financial woes of the airline are still there and it is learnt that the payment of salary may be delayed by a couple of days.

SpiceJet declined to comment. With the airline ending the year on a not-so-happy note, it was reflected in the Bombay Stock Exchange (BSE) also. Shares of the airline dropped 4 per cent to Rs 17 following reports about the AAI asking it to deposit Rs 200 crore. The stock opened at Rs 17.30, touched a high of Rs 17.45 and a low of Rs 16.75 on the BSE.

A total of 66,65,017 shares have been exchanged on the BSE, PTI reported.
The BSE also sought clarification from SpiceJet with respect to the report on repayment of Rs 200 crore.

The airline is banking on Civil Aviation Minister Ashok Gajapathi Raju’s statement that the "government is here to be helpful and the government can be helpful”. However, the minister had said SpiceJet would have to sort the financial mess on its own.

The airline will have to come up with a credible investment plan in the coming days. Airline’s first promoter Ajay Singh and JP Morgan Chase are planning to invest Rs 1,200 crore in the ailing airline but the ministry is yet to clear the revival plan and sought further clarifications.