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In one of its largest settlements yet, SpiceJet has resolved a $131.85-million dispute with lessor Babcock & Brown Aircraft Management.
The parties have agreed to end the dispute, with SpiceJet agreeing to pay $22.5 million. “This landmark settlement allows us to significantly reduce our liabilities and reinforces our efforts to emerge as a more robust airline,” Chairman and Managing Director Ajay Singh said in a statement.
This settlement follows SpiceJet’s successful Qualified Institutional Placement (QIP) which raised ₹3,000 crore last month.
Subsequently, the airline has paid pending salary and provident fund dues and also announced induction of 10 aircraft in the winter season.
Seven of these aircraft will be acquired on lease, while three previously grounded planes are being reintroduced into service
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