4:25 pm - Wednesday November 4, 2015

SpiceJet denies receiving credit from oil companies

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SpiceJet, the troubled budget carrier, said it has received no credit from oil companies, even as it scotched speculation about having failed to submit any revival plan on Wednesday.
“… There was no revival plan due for submission today,” SpiceJet’s Chief Operating Officer Sanjiv Kapoor said in a statement late on Wednesday night.
The airline also said in a statement that it did not receive any credit from oil companies for jet fuel.
Besides, the budget carrier termed as “complete speculation” the reports that SpiceJet has already received Rs 17 crore from the investors to clear all its dues to oil companies.
The cash-strapped private sector airline had presented a revival plan to the Civil Aviation Ministry in late December, but it was told to submit a revised comprehensive plan with more details.
SpiceJet, currently part of the Kalanithi Maran-led Sun Group, had to cancel many flights amid its mounting financial troubles, while there have been reports about its original co-founder Ajay Singh coming back to the airline’s rescue.

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