SpiceJet resolves dispute with Aircastle and Wilmington Trust for $5 million

16 Oct 2024 CW Team

SpiceJet announced that it has settled its $23.39 million dispute with Wilmington Trust SP Services (Dublin) Limited and Aircastle (Ireland) Designated Activity Company for a total payment of $5 million.

The settlement also covers an agreement regarding the handling of specific aircraft engines. Both parties decided to resolve the matter amicably through discussions, avoiding further legal proceedings.

Ajay Singh, Chairman and Managing Director, SpiceJet stated, “We are pleased to have resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement reflects our commitment to resolving matters in the best interest of the company and its stakeholders. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the foundation for a more resilient future. We remain focused on our operational goals and enhancing the customer experience.”

According to the airline’s press release, all ongoing litigation between the parties will be withdrawn across relevant forums. The resolution aligns with SpiceJet's broader efforts to restore financial stability and mitigate legal risks.

This settlement follows two other major financial resolutions for the airline. On October 9, SpiceJet reached an agreement with Horizon Aviation entities managed by Babcock & Brown Aircraft Management, settling a $131.85 million dispute for $22.5 million. Earlier, on September 24, it finalised a settlement with Engine Lease Finance Corporation (ELFC) over a $16.7 million claim, though the final amount was not disclosed.

“These three consecutive settlements highlight SpiceJet’s determination to address financial challenges and build a stable platform for future growth and operational efficiency,” the release concluded.

(ET)

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