SpiceJet has finalized an agreement with Export Development Canada (EDC) to clear liabilities amounting to Rs 755 crore and acquire full ownership of thirteen EDC-financed Q400 aircraft. This settlement, along with others with aircraft lessors, will significantly rejuvenate SpiceJet’s balance sheet. The deal with EDC is expected to save the airline Rs 567 crore. With plans to raise funds through share and warrant issuance, SpiceJet aims for comprehensive financial restructuring. Chairman and MD Ajay Singh expressed gratitude for the cooperation from EDC, emphasizing the milestone’s importance in strengthening the airline’s position for future success. The settlement unlocks opportunities for SpiceJet to refurbish grounded aircraft and expand its operations on regional and UDAN routes.
SpiceJet Settles Liabilities with Export Development Canada
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