SpiceJet on Tuesday announced that it 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.
In a statement, SpiceJet said that both the parties have reached an agreement through amicable negotiations, choosing to resolve the matter outside the courtroom. Further, it added that all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums, as part of this settlement.
The resolution further strengthens SpiceJet’s commitment to restoring financial stability and mitigating legal liabilities.
Before this, SpiceJet had announced two other significant financial agreements as well in recent weeks. On October 9, the airline 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, it had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million, for an undisclosed lower amount.
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.”
From: financialexpress
Financial News
