Cash-strapped SpiceJet has cancelled over 1,800 flights across the country for the current month, in signs of mounting troubles for the budget airline.
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
SpiceJet grounded all its aircraft due to payment woes
The DGCA has allowed SpiceJet to accept advance bookings beyond March 31.
SpiceJet owes around Rs 240 crore (Rs 2.40 billion) to the Airports Authority of India (AAI) for using its airports in the country.
The airline launched a three-day discounted sale of tickets starting at Rs 1,010, to mark its 10th anniversary
Last week, the carrier had asked about 60 pilots who had resigned to leave after serving only half the six-month notice period.
The bookings for this three-day offer commences from Monday with a travel validity period between January 16 and October 24 next year, SpiceJet said.
This is the third consecutive profitable quarter for SpiceJet.
the airline is giving 30 per cent discount on tickets.
SpiceJet also plans to increase its daily flights to 251.
This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago.
The additional stake will cost the promoters Rs 312 crore (Rs 3.12 billion).
Frequent flight cancellations and the Airports Authority of India's decision to put SpiceJet on a cash-and-carry mode have made online travel agencies nervous.
Shares of SpiceJet fell sharply by over 8 per cent as flight operations of the cash-strapped company were grounded on Wednesday on payment woes.
No-frills carrier SpiceJet has put ten lakh seats on the block with base fares starting as low as Rs 999, which are lower than a 3-AC train ticket, for a one-way journey under a limited period offer.
Low-cost carrier SpiceJet Ltd on Friday said it expects to resolve settlement disputes with its lessors shortly.
'The combination of star power, compelling storytelling, and action-packed drama promises to set the box office ablaze and kickstart the new quarter on a spectacular high note.'
It is not clear whether the fund would be looking at a possible buyout of the promoters' stake or fresh infusion of equity. Wilbur Ross does not have any investment in aviation till now. The fund will be looking at a bailout for the airline as SpiceJet is seeking to raise funds to stay afloat and also to fund the aircraft acquisition for its new Boeing fleet scheduled for deliveries over the next five months.
Spicejet has sought extention from the Airports Authority of India over payment schedule.
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After all its flights remained grounded for most part of the day on Wednesday, cash-strapped SpiceJet resumed operations in the evening as oil companies, which had stopped fuel supplies to its aircraft, eased the restriction.
The Irish firms had sought to deregister SpiceJet.
Lower fuel costs and tight control on expenses propped up earnings before interest, tax, depreciation and amortisation (Ebitda) margins to one per cent.
The share swap is expected to be in the ratio of 1: 3, where SpiceJet shareholders will get one share of the merged entity for every three SpiceJet shares owned by them.
SpiceJet had last year announced a $4.4-bn deal for 42 Boeing 737 Max.
Spicejet has consolidated its base fare by including fuel surcharge in it.
SpiceJet is expanding international operations to improve dollar earnings and offset losses caused by currency rate fluctuations.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
The Gurgaon-based carrier, which started its regional operations from Hyderabad last month, plans to have the hubs in Chennai, Ahmedabad, Bangalore, Kolkata and Delhi.
Says, it is too pre-mature to comment on the possibilities of any fresh equity issuance.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
His resignation comes at a time when the cash-strapped airline is looking at various ways to get in fresh investment. The airline will either look at a merger with Kingfisher Airlines, which is promoted by liquor baron Vijay Mallya, or a possible infusion from US distress fund Wilbur Ross, which is willing to pump in money.
Airlines' summer schedule in India commences from late March and lasts till October every year.
IndiGo continues to fly high as the top airline in India while crisis-hit SpiceJet has some good news.
Indian budget airline SpiceJet has agreed to buy around 40 Boeing 737 passenger jets worth over $4 billion at list prices as it seeks to modernize its fleet and climb out of the red, industry sources said on Tuesday.
The airline had reported a net loss of Rs 321.5 crore or Rs 3.21 billion in the same period a year ago.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The company held about $12 million worth of FCCBs in SpiceJet. Bank of America-Merill Lynch brokered the block deal for the company, said sources.
The UK-based promoter-director Bhulo (Bhupendra) Kansagra of Delhi-based low-cost carrier SpiceJet is willing to divest the family stake in the airline if the valuations are right. The Kansagra family owns 12.91 per cent in the airline, which is publicly listed, and has a 10 per cent share in the Indian market, and a market capitalisation of $250 million.
The fresh round of discounted fares is applicable for three days starting Tuesday on all SpiceJet flights from eight cities in South India.
