SpiceJet is poised to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year. Under the agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, the airline acquires full ownership of six Q400s. The airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet. This agreement also heralds immense long-term savings for SpiceJet, liberating the airline from the obligation of regular monthly rentals for these aircraft. The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon. The timely arrival of the Q400 aircraft aligns with the upcoming summer schedule, enabling the airline to offer seamless connectivity and enhanced services to passengers during peak travel seasons.SpiceJet has recently announced four major settlements with key aircraft lessors, resulting in substantial savings of Rs 1252 crore for the airline.On 26 March 2024, SpiceJet announced a significant settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities amounting to nearly $91 million, as per SpiceJet`s records, leading to substantial savings of Rs 567 crore for the airline. In addition to the EDC settlement, SpiceJet finalized three other noteworthy agreements, including those with aircraft leasing firms, Cross Ocean Partners and AerCap. These settlements collectively yielded savings of Rs 685 crore for the airline. Moreover, SpiceJet acquired three Boeing aircraft as part of these agreements.Powered by Capital Market - Live News

SpiceJet and Export Development Canada (EDC) have signed a settlement agreement, the terms of which will allow the airline to clear major liabilities, leading to a comprehensive revitalization of its balance sheet. This settlement marks the biggest breakthrough in SpiceJet`s financial restructuring efforts to date. Under the agreement`s terms, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft, bolstering the airline`s operational capabilities and fleet management. This pivotal agreement marks a significant milestone in SpiceJet`s pursuit of financial stability, demonstrating its commitment to prudent financial management and long-term prosperity. As part of the settlement, SpiceJet will pay a comprehensive settlement amount to resolve outstanding liabilities amounting to close to $91 million as per SpiceJet books of accounts. This settlement not only alleviates SpiceJet of a substantial financial burden but also lays the groundwork for a fortified balance sheet and substantial savings for the airline.Powered by Capital Market - Live News

SpiceJet has finalised a significant lease agreement to introduce two wide-body A340 aircraft into its fleet for the upcoming Haj operations. This strategic move underscores the airline`s commitment to delivering exceptional travel experiences while maximizing revenue streams.The airline will deploy the wide-body aircraft from both Srinagar and Guwahati.Last year, SpiceJet`s Haj operations generated substantial revenue of Rs 337 crore. The airline aims to replicate this success in the current year`s operations.Powered by Capital Market - Live News

SpiceJet has allotted 34,66,666 equity shares of the face value of Rs.10 each at an issue price of Rs.50 each to Elara India Opportunities Fund Limited consequent upon conversion 34,66,666 warrants allotted to Elara India Opportunities Fund on 25 January 2024 on preferential basis.Powered by Capital Market - Live News

SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups, have mutually settled their $29.9 million (Rs 250 crore) dispute through amicable negotiations, avoiding litigation. The representatives of both Parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter is now scheduled to be formally withdrawn on 1 March 2024. SpiceJet recently secured investments totaling Rs 1060 crore through a preferential issue, with notable investors including Aries Opportunities Fund and Elara India Opportunities Fund. Part of these funds will be allocated towards settling past liabilities.Powered by Capital Market - Live News