Ajay Singh, who helped set up the airline in 2005, was expected to submit a plan on Monday. The official said Singh had sought two to three weeks to finalise the plan.
A co-founder of troubled Indian carrier SpiceJet Ltd has asked for more time to finalise a rescue plan, a government official with direct knowledge of the matter said on Monday.
Ajay Singh, who helped set up the airline in 2005, was expected to submit a plan on Monday. The official said Singh had sought two to three weeks to finalise the plan.
Singh is in talks with US-based private equity investors to raise funds and lead a turnaround of SpiceJet, but talks were taking longer time than expected due to the upcoming Christmas holidays, the government official said.
Singh was not immediately available for comment.
SpiceJet stock price
On December 22, 2014, SpiceJet closed at Rs 18.50, up Rs 2.70, or 17.09 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.12.
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