Troubled airliner, SpiceJet seems to have in more trouble
as its parent firm; the Sun Group said it cannot afford to bail out the company
alone.
In an interview to Reuters, S L Narayanan, chief
financial officer of Sun Group said "We do not have the liquidity to
invest large sums at the time which is why we need bank financing. For which
the promoters are willing to provide a guarantee," "We cannot do more
than this."
The airliner was forced to ground its entire fleet
on Wednesday after creditor oil firms refused to refuel the aircraft. Shares in
SpiceJet dropped over 8 per cent on Tuesday.
The loss-making airline, majority-owned by
billionaire media tycoon Kalanithi Maran's Sun Group, has a fleet of around 22
Boeing Co planes but owes nearly $100 million to a raft of creditors including
state-owned oil companies. This week it asked the government for help to keep
its aircraft in the air.
SpiceJet owes about Rs 600 crore ($94 million) to
service providers such as the oil companies and airport authorities, Narayanan
said.
SpiceJet on Tuesday appeared to secure a reprieve
from a government keen to avoid the collapse of a second Indian airline in as
many years. Kingfisher Airlines has not flown since 2012, leaving billions of
rupees of debt and unpaid wages.
The Civil Aviation ministry said on Tuesday airport
operators would be asked to give the airline 15 days to make payments, while
state oil companies would be ask to give credit for up to 15 days.
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