DGCA receives requests to deregister two B737 aircraft leased to SpiceJet

Aviation regulator Directorate General of Civil Aviation (DGCA) has received requests to deregister two B737 aircraft leased to carrier SpiceJet.

The request was recently made by two Dublin-based lessors, Wilmington Trust SP Services and Aircastle (Ireland), under IDERA (Irrevocable Deregistration and Export Request Authorisations) that provides for owner of an aircraft to get an aircraft de-registered.

Meanwhile, a SpiceJet spokesperson said the de-registration of two aircraft will not impact its operations.

The deregistration requests of flights has been filed under IDERA and sources said that it is usually filed if a lessor and airline fail to reach agreement on payment negotiations.

Deregistration process is generally allowed after the aviation regulator checks if the aircraft has any pending dues from tax authorities and airports.

SpiceJet recently announced that it has restructured over $100 million outstanding dues to Carlyle Aviation Partner, into equity shares and compulsorily convertible debentures. Aircraft lessor, Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle's $143 billion global credit platform. The transaction will wipe out over $100 million debt of SpiceJet, thereby strengthening its balance sheet for future expansion. The move will substantially deleverage the company's balance sheet.

SpiceJet reported a net profit of Rs 107 crore (Rs 221 crore excluding forex adjustment) for the quarter ending December 31, 2022 as compared to a net profit of Rs 23.28 crore (Rs 20 crore excluding forex adjustment) in the quarter ending December 31, 2021.

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