The struggling airline has converted its unpaid debt to Carlyle and its affiliates into equity shares and compulsorily convertible debentures, according to a press release from the company, and as a result, Carlyle Aviation Partner will receive a 7.5% stake in SpiceJet Ltd.
By issuing equity shares and compulsorily convertible debentures of 25.56 billion rupees, SpiceJet would also transfer its cargo business to its subsidiary SpiceXpress and Logistics Pvt Ltd.
Moreover, SpiceJet will give $65.5 million in compulsorily convertible debentures of SpiceXpress and Logistics to Carlyle.
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