Co-founder of SpiceJet seeks time to finalise rescue

A co-founder of troubled Indian carrier SpiceJet Ltd has asked for more time to finalise a rescue plan, a government official with direct knowledge of the matter said on Monday.

Ajay Singh, who helped set up the airline in 2005, was expected to submit a plan on Monday. The official said Singh had sought two to three weeks to finalise the plan.

Singh is in talks with US-based private equity investors to raise funds and lead a turnaround of SpiceJet, but talks were taking longer time than expected due to the upcoming Christmas holidays, the government official said.

Singh was not immediately available for comment.