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Crisis-hit SpiceJet manages to clear staff salaries, fuel dues

By Aditi Shah
December 26, 2014 18:03 IST
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Troubled carrier SpiceJet has paid employees' salaries for November and cleared dues of fuel companies as of Friday, its chief operating officer said.

Sanjiv Kapoor met senior officials in the aviation ministry on Friday along with co-founder Ajay Singh, who sources have said is planning to team up with private-equity funds to infuse funds in to the carrier.

Money-losing SpiceJet had delayed employees' salaries for November and briefly grounded its fleet this month for want of cash.

Its majority owner, billionaire Kalanithi Maran's Sun Group, has said it cannot afford a bailout. SpiceJet has bank loans of Rs 300 crore (Rs 3 billion), Kapoor said, adding Friday's meeting was "very constructive".

He did not elaborate. Singh and government officials were not immediately available to comment. 

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Aditi Shah
Source: REUTERS
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