Millennium Post

Ajay Singh steps in to defuse SpiceJet crisis

Emerging as a white-knight for beleaguered SpiceJet, Ajay Singh, one of its original promoters, on Thursday met Civil Aviation Minister Ashok Gajapathi Raju in an effort to bring the troubled carrier out of crisis. “They (SpiceJet) have told the Ministry that they are likely to get an investor. The airline does not have a safety issue (but) it is going through financial stress. They are trying to address their financial woes,” Raju said after the meeting late this evening. He said Singh shared some “thoughts” about the no-frill carrier’s recapitalisation plans though these were not concrete plans as yet. The minister, however, declined to go into specifics of whether a domestic or international investor would infuse funds into the cash-strapped airline. He confirmed that the airline had sought “rescheduling” of its dues to various vendors and service providers, including airports and oil marketing companies.
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