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Sat, Mar 11, 2023

Two SpiceJet 737s Deregistered

Perils of Not Paying the Proverbial Piper

In the wake of significant and profitable action at the Boeing-India confluence, India’s Directorate General of Civil Aviation (DGCA) has canceled the registration of two SpiceJet, Boeing-737 MAX aircraft. The cancellations of the jets’ Indian registration’s were made at the concordant requests of a foreign-based lessor and the Indian aviation regulator.

A senior DGCA official stated: "Under the provisions of Irrevocable De-registration and Export Request Authorizations (IDERA) it [the deregistration] has happened."

SpiceJet is an Indian budget airline headquartered in Gurgaon, Haryana. The airline—India’s second largest by number of domestic passengers carried after state carrier Air India—maintains a fleet of Boeing 737 and Bombardier Dash 8 aircraft with which it operates 630 daily flights to 64 destinations, including 54 domestic and 15 international destinations from its hubs in New Delhi and Hyderabad. Known formerly as ModiLuft, the company was acquired by Indian entrepreneur Ajay Singh in 2004 and renamed SpiceJet.

SpiceJet set forth in a statement that the de-registration is of little consequence, averring: "The cancellation of the registration of the two aircraft will not affect the operations. … While one of the aircraft is grounded for a long period and was to be returned earlier, the other is being returned due to certain engine issues with lessor. Both aircraft are being returned in the most efficient manner consensually.”

In 2022, two additional SpiceJet aircraft were deregistered, again at the request of a foreign lessor, after SpiceJet defaulted on the planes’ lease payments.

SpiceJet recently restructured over $100-million in outstanding debt to aircraft lessor Carlyle Aviation Partners into equity shares and compulsorily convertible debentures (CCDs). Carlyle Aviation Partners is the commercial aviation investment and servicing subsidiary of Carlyle's $143-billion Global Credit platform.

The transaction stands to wipe out over $10-million of SpiceJet debt, thereby steadying the air-carrier’s financial balance for future expansion. The move will substantially deleverage the company's balance sheet.

FMI: www.spicejet.com

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