Key Takeaways
- SpiceJet settles $23.39 mln dispute with Aircastle and Wilmington Trust for $5 million.
- This settlement strengthens SpiceJet’s financial position and lays the groundwork for a more resilient future.
- SpiceJet has successfully resolved two other financial agreements recently, further improving its financial stability.
New Delhi: Low-cost carrier SpiceJet on Tuesday said that it has 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.
“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 As part of the settlement, all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums,”SpiceJet said in a media release.
Two other financial agreements by SpiceJet in recent weeks include a $131.85 million dispute with lessors Horizon Aviation 1 Ltd, Horizon II Aviation 3 Ltd and Horizon III Aviation 2 Ltd for $22.5 million, and a dispute with Engine Lease Finance Corporation (ELFC) initially claiming $16.7 million, for an undisclosed lower amount.
“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,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
