Indian low-cost carrier SpiceJet Ltd (SPJT.NS) on Thursday said it had no plans to file for insolvency, quelling fears of a spillover from rival Go Airlines (India)'s voluntary bankruptcy admission.
"We want to scotch any speculation that may have arisen due to the filing by another airline," SpiceJet said in a statement, adding that it remains in talks with investors to raise funds.
The Gurugram-based carrier also said it has begun to revive 25 of its grounded fleet using its own money and a $50 million line of credit through an Indian government scheme it secured on Thursday.
Earlier this week, SpiceJet's lessors sought to de-register at least four aircraft, according to filings on the India's aviation regulator's website.
Meanwhile, the resolution professional of rival Go Airlines, which recently branded as Go First, said it would need to raise funds to revive the bankrupt company, a source with direct knowledge of the matter told Reuters.
