SpiceJet loans marked ‘high-risk’ by IDFC, Yes Bank and Indian Bank

SpiceJet loans marked 'high-risk' by IDFC, Yes Bank and Indian Bank: ReportAt least three lenders have praised loans issued to private operators Spicejet under the “High Risk Category”, a report that on August 8, quoting sources who know the secret of development.

The red flag has been raised by two private lenders – IDFC First Bank and YES Bank – and state -owned Indian banks, Reuters reports claim.

The lender is concerned about the spicejet cash flow and has held a discussion to find guarantees from the Indian budget operator, because behind payments to several aircraft lessors, people who are familiar with the construction told the news agency.

Moneycontrol cannot independently verify development.

Spicejet wants to state that the article was really wrong and unfounded. None of our banks have our account at high risk or vigilant. The same thing was confirmed to us by our lender. It is unfortunate that the story was carried out even though we denied strong and there were no official comments from our bank, “said the airline in submitting regulations.

IDFC, yes banks and banks India have not issued a statement.

The news appeared three days after the PTI report, quoting the source, claiming that three Spicejet aircraft had been registered by the Directorate General of Civil Aviation (DGCA), after the Lessor Dubai Aerospace Enterprise (DAE) they asked for flight regulators for it.

On August 3, Network18 learned from the sources that the Spicejet Ajay Singh promoter could hold talks with the Middle East operator for the possibility of selling shares. The airline also discussed with several Indian conglomerates, to reduce partial shares in this airline.

Spicejet, especially, has made losses for the past four years. This caused a net loss of RS 316 Crore, RS 934 Crore and RS 998 Crore each in 2018-19, 2019-20 and 2020-21. In the April-December 2021 period, the airline posted a net loss of 1,248 Crore Hospital. The airline has not stated the results for the January-March 2022 period.

DGCA on July 27 ordered Spicejet to operate no more than 50 percent of its flights, which was approved for the summer schedule, for a period of eight weeks. On July 6, the flight regulator has issued a notification of the cause for Spicejet after at least eight technical damage incidents on the aircraft since June 19.

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