Indian carrier SpiceJet restructures dues to Carlyle Aviation

India's SpiceJet on Friday said it will convert about $97m of its dues to the commercial aviation investment and servicing arm of Carlyle Group into equity and debentures. The restructuring plan comes as the budget airline has struggled to fully restore operations despite multiple fundraises over the last year. Late last month, the country's aviation watchdog placed SpiceJet under enhanced surveillance after a recent audit revealed "certain deficiencies". The carrier on Friday said it entered into an agreement with Carlyle Aviation Management to restructure certain aircraft lease obligations of about $137.68m, as of June 30, which upon settlement or waivers will be adjusted to $97.51m. SpiceJet said it will issue shares worth $30m to Carlyle, and also transfer $20m worth of compulsorily converted debentures of SpiceXpress, a separate airline cargo company owned by the carrier.<br/>