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  1. Beleaguered SpiceJet says will start paying employees’ salaries; fuel dues cleared too

Beleaguered SpiceJet says will start paying employees’ salaries; fuel dues cleared too

SpiceJet Ltd has paid employees' salaries for November and cleared dues of fuel companies as of Friday, its chief operating officer said.

By: | Updated: December 26, 2014 6:15 PM
SpiceJet has paid employees' salaries for November and cleared dues of fuel companies as of Friday, its chief operating officer said. Reuters

SpiceJet has paid employees’ salaries for November and cleared dues of fuel companies as of Friday, its chief operating officer said. Reuters

Troubled Indian carrier SpiceJet Ltd has paid employees’ salaries for November and cleared dues of fuel companies as of Friday, its chief operating officer said.

Sanjiv Kapoor met senior officials in the Indian aviation ministry on Friday along with co-founder Ajay Singh, who sources have said is planning to team up with private-equity funds to infuse funds in to the carrier.

Money-losing SpiceJet had delayed employees’ salaries for November and briefly grounded its fleet this month for want of cash. Its majority owner, billionaire Kalanithi Maran’s Sun Group, has said it cannot afford a bailout.

SpiceJet has bank loans of 3 billion rupees ($47 million), Kapoor said, adding Friday’s meeting was “very constructive”. He did not elaborate.

Singh and Indian government officials were not immediately available to comment.

($1 = 63.5575 Indian rupees)

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