SpiceJet successfully resolves dispute with Willis Lease, achieving significant Savings

SpiceJet has successfully settled its dispute with Willis Lease Finance Corporation, a leading global aircraft engine lessor, resulting in a substantial saving for the airline. As part of the agreement, Willis Lease has withdrawn its insolvency case against SpiceJet, closing yet another chapter in the airline's ongoing efforts to strengthen its financial foundation.

This settlement follows a series of strategic agreements SpiceJet has secured in recent months, supported by an INR 3,000 Crore infusion through a Qualified Institutional Placement (QIP) in September 2024 and an additional INR 294.09 Crore infusion by promoter Ajay Singh. These funds have significantly strengthened SpiceJet's financial position, facilitated the resolution of outstanding disputes, and allowed the airline to focus on operational growth.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "This successful settlement with Willis Lease reflects the positive impact of our financial restructuring strategy. The QIP and the subsequent promoter funding have strengthened our ability to resolve long-standing disputes, enhance financial stability, and drive operational growth. We deeply appreciate the continued support of our partners and stakeholders as we work towards building a stronger and more resilient SpiceJet."

The latest settlement reinforces SpiceJet's commitment to resolving past liabilities and strengthening its balance sheet. The airline has already achieved a string of similar successful settlements, positioning itself for long-term operational and financial success.

Shares of SPICEJET LTD was last trading in BSE at Rs. 44.93 as compared to the previous close of Rs. 46.79. The total number of shares traded during the day was 7820972 in over 11023 trades.

The stock hit an intraday high of Rs. 47.14 and intraday low of 44.61. The net turnover during the day was Rs. 360076452.00.

Source : Equity Bulls

Keywords

SPICEJET INE285B01017 Airlines DisputeResolution WillisLease SignificantSavings