SpiceJet shares rise 5% on securing $89.5 million liquidity boost through Carlyle settlement

the deal allows SpiceJet access to $79.6 million in cash maintenance reserves earmarked for aircraft and engine upkeep, along with $9.9 million in credits to offset lease obligations.

SpiceJet shares rose on Thursday after six days of consecutive fall after the budget carrier reached a settlement with Carlyle Aviation Partners that will unlock $89.5 million in liquidity for the airline.

Shares of Spicejet Ltd advanced 5.41 percent to an intraday high of Rs 34.85 per share on the BSE. Later at around 11 a.m., the stock pared some of the gains to trade at Rs 33.89 apiece, up 2.51 percent.

According to a company statement, September 11, the deal allows SpiceJet access to $79.6 million in cash maintenance reserves earmarked for aircraft and engine upkeep, along with $9.9 million in credits to offset lease obligations.

The settlement is part of a broader agreement with Carlyle and its affiliates, under which certain lease obligations amounting to $121.18 million will be restructured. As part of the arrangement, Carlyle will receive equity shares worth $50 million in SpiceJet.

The deal also includes a clause allowing future adjustments: if Carlyle earns more than $50 million by selling the shares, part of the excess will be set off against SpiceJet’s lease obligations.

Promoter Ajay Singh or his designated assignee will have the option to buy back the equity shares once the statutory and contractual lock-in periods expire.

SpiceJet has been struggling with a cash crunch and multiple legal disputes with lessors and creditors.

In a statement, Chairman and Managing Director Ajay Singh called the deal a milestone that reduces liabilities and strengthens the balance sheet, while Carlyle’s participation signals continued support from one of its key lessors.

On September 8, SpiceJet completed the payment of $24 million to Credit Suisse, bringing closure to a long-pending dispute over outstanding dues. The airline said the payment, made under a settlement agreement signed in May 2022, fully meets its obligations to the Swiss lender.

SpiceJet reported weak standalone results for the June 2025 quarter, with net sales falling 34.8 percent year-on-year to Rs 1,106.06 crore from Rs 1,695.52 crore in the same period last year. The airline’s net loss widened sharply to Rs 235.08 crore compared to Rs 149.96 crore in June 2024, while EBITDA turned negative at Rs 5.07 crore against a profit of Rs 406.66 crore a year earlier.

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