U.S.’ Avenue to bankroll SpiceJet plane purchase
The Hindu
Deal to aid carrier’s long-term plans
Low-cost carrier SpiceJet on Wednesday announced a memorandum of understanding (MoU) with U.S.-based Avenue Capital Group for financing, purchase and sale and leaseback of 50 new planes. “The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of SpiceJet’s new aircraft portfolio, including sale and leaseback of and also assumption of ownership of potentially up to 50 of these aircraft,” the airline said in a statement. In a sale and leaseback model, an airline acquires the aircraft at an attractive price and sells it to a lessor and leases it back for its own use.
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