<p>New Delhi: SpiceJet on Tuesday said Carlyle Aviation will write off aircraft lease arrears worth $40.17 million as part of a settlement agreement that will also result in the entity hiking stake in the struggling airline.</p><p>Facing multiple headwinds, the budget carrier is working on ways to raise funds to the tune of Rs 3,200 crore, including infusion of money by the promoter.</p><p>On Friday, SpiceJet had mentioned about the settlement pact with Carlyle Aviation, which had earlier also restructured certain debt with the airline.</p><p>In a release on Tuesday, the airline said there is a significant debt relief and Carlyle Aviation will write off $40.17 million in lease arrears.</p>.SpiceJet's Ajay Singh may sell over 10% stake in airline to raise funds. <p>Besides, the entity will convert $30 million in lease arrears into SpiceJet equity at Rs 100 per share, following which its stake in the airline will increase significantly.</p><p>Currently, Carlyle Aviation has around 6 per cent stake in the company.</p><p>According to the release, Carlyle Aviation will also convert $20 million in lease arrears into compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd.</p><p>SpiceJet, which had a fleet of 74 planes in 2019, is operating around 20 aircraft. The outstanding liabilities include statutory dues worth Rs 650 crore.</p><p>On Tuesday, shares of the airline rose 2.47 per cent to Rs 65.57 apiece. </p>
<p>New Delhi: SpiceJet on Tuesday said Carlyle Aviation will write off aircraft lease arrears worth $40.17 million as part of a settlement agreement that will also result in the entity hiking stake in the struggling airline.</p><p>Facing multiple headwinds, the budget carrier is working on ways to raise funds to the tune of Rs 3,200 crore, including infusion of money by the promoter.</p><p>On Friday, SpiceJet had mentioned about the settlement pact with Carlyle Aviation, which had earlier also restructured certain debt with the airline.</p><p>In a release on Tuesday, the airline said there is a significant debt relief and Carlyle Aviation will write off $40.17 million in lease arrears.</p>.SpiceJet's Ajay Singh may sell over 10% stake in airline to raise funds. <p>Besides, the entity will convert $30 million in lease arrears into SpiceJet equity at Rs 100 per share, following which its stake in the airline will increase significantly.</p><p>Currently, Carlyle Aviation has around 6 per cent stake in the company.</p><p>According to the release, Carlyle Aviation will also convert $20 million in lease arrears into compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd.</p><p>SpiceJet, which had a fleet of 74 planes in 2019, is operating around 20 aircraft. The outstanding liabilities include statutory dues worth Rs 650 crore.</p><p>On Tuesday, shares of the airline rose 2.47 per cent to Rs 65.57 apiece. </p>