SpiceJet on Tuesday announced that it has signed an agreement with Export Development Canada (EDC) to resolve liabilities worth $90.8 million, which amounts to Rs 755 crore. These liabilities originate from a loan that was taken by the airline in 2011 for the acquisition of 15 aircraft.
The terms of the settlement will enable SpiceJet to clear substantial debts, which in turn is expected to lead to a comprehensive improvement of its balance sheet, as stated in the airline’s press release. Under this arrangement, SpiceJet will gain full ownership of 13 Q400 aircraft financed by EDC, enhancing its operational capacity and fleet management capabilities.
