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.
Barring one quarter, SpiceJet made a profit in every quarter last year.
No-frill carrier SpiceJet on Monday announced compensation to passengers for delay or cancellation of flights due to factors within their control, through travel vouchers worth Rs 500 or Rs 1,000.
The Delhi airport, the country's busiest airport, on Friday early morning witnessed the collapse of a roof at Terminal 1 amid heavy rains that killed one person, prompting the government to order a detailed probe and an inspection of the structural strength of all airports.
SpiceJet grounded all its aircraft due to payment woes
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On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
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
This is the third consecutive profitable quarter for SpiceJet.
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.
Last week, the carrier had asked about 60 pilots who had resigned to leave after serving only half the six-month notice period.
This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago.
SpiceJet also plans to increase its daily flights to 251.
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.
the airline is giving 30 per cent discount on tickets.
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.
The additional stake will cost the promoters Rs 312 crore (Rs 3.12 billion).
Low-cost carrier SpiceJet Ltd on Friday said it expects to resolve settlement disputes with its lessors shortly.
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.
Spicejet has sought extention from the Airports Authority of India over payment schedule.
The Irish firms had sought to deregister SpiceJet.
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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.
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.
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 is expanding international operations to improve dollar earnings and offset losses caused by currency rate fluctuations.
Lower fuel costs and tight control on expenses propped up earnings before interest, tax, depreciation and amortisation (Ebitda) margins to one per cent.
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 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.
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.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
Says, it is too pre-mature to comment on the possibilities of any fresh equity issuance.
With the earlier order for 55 planes and additional 100 new 737-8 MAX aircraft, the no-frills carrier now has firmed up the order for a total of 155 planes, besides purchase rights for 50 B737-8 MAX and wide body aircraft.
Airlines' summer schedule in India commences from late March and lasts till October every year.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The airline had reported a net loss of Rs 321.5 crore or Rs 3.21 billion in the same period a year ago.
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.
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