SpiceJet settles $23.39 million dispute

16 Oct 2024 CW Team

“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,” said Ajay Singh, Chairman and Managing Director, SpiceJet. According to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums.

This resolution further strengthens SpiceJet’s commitment to restoring financial stability and mitigating legal liabilities”. This payment comes after SpiceJet made two other large financial deals in the last few weeks.

The airline and lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (managed by Babcock & Brown Aircraft Management) successfully settled a $131.85 million dispute on October 9 for $22.5 million.

The company had already reached a settlement with Engine Lease Finance Corporation (ELFC), which had initially sought $16.7 million, on September 24 for a lesser sum that was not made public. “These three key settlements in rapid succession showcase SpiceJet’s dedication to addressing its financial challenges and securing a stronger, more stable foundation for future growth and operational efficiency”, the release added.

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 of $5 million. It includes an agreement over the treatment of certain aircraft engines. The parties have chosen to settle the dispute outside of court and have come to this agreement through friendly discussions.“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,” said Ajay Singh, Chairman and Managing Director, SpiceJet. According to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums. This resolution further strengthens SpiceJet’s commitment to restoring financial stability and mitigating legal liabilities”. This payment comes after SpiceJet made two other large financial deals in the last few weeks. The airline and lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (managed by Babcock & Brown Aircraft Management) successfully settled a $131.85 million dispute on October 9 for $22.5 million.The company had already reached a settlement with Engine Lease Finance Corporation (ELFC), which had initially sought $16.7 million, on September 24 for a lesser sum that was not made public. “These three key settlements in rapid succession showcase SpiceJet’s dedication to addressing its financial challenges and securing a stronger, more stable foundation for future growth and operational efficiency”, the release added.

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