SpiceJet Settles $23.39 Million Dispute with Aircastle (Ireland) & Wilmington Trust SP Services (Dublin) Limited

SpiceJet has successfully settled a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited for an aggregate sum of $5 million, together with agreement in relation to the treatment of certain aircraft engines. Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom. As part of the settlement, all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums.

This resolution further strengthens SpiceJet's commitment to restoring financial stability and mitigating legal liabilities.

This settlement follows two other significant financial agreements by SpiceJet in recent weeks. On October 9, the airline successfully resolved a $131.85 million dispute with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (under the management of Babcock & Brown Aircraft Management) for $22.5 million. Prior to that, on September 24, the company had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million, for an undisclosed lower amount.

These three key settlements in rapid succession showcase SpiceJet's dedication to addressing its financial challenges and securing a stronger, more stable foundation for future growth and operational efficiency.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "We are pleased to have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement underscores our commitment to amicably resolving matters in the best interest of the company and all stakeholders. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the groundwork for a more resilient future. We look forward to focusing on our operational goals and enhancing our customer experience."

Shares of SPICEJET LTD was last trading in BSE at Rs. 65.71 as compared to the previous close of Rs. 67.29. The total number of shares traded during the day was 12843809 in over 25145 trades.

The stock hit an intraday high of Rs. 68.45 and intraday low of 65.35. The net turnover during the day was Rs. 858162979.00.

Source : Equity Bulls

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SPICEJET INE285B01017 Airlines DisputeSettlement