Private carrier SpiceJet has reached a settlement agreement with Export Development Canada (EDC) to resolve liabilities worth Rs 755 crore, the company said in a stock exchange filing on Tuesday.
This settlement agreement will help SpiceJet save Rs 567 crore, it said. As part of the settlement agreement, SpiceJet will acquire 13 EDC-financed A400 aircraft. SpiceJet in 2011 had taken a loan to procure 15 Q400 aircraft, twelve of which are now grounded. “Their refurbishment and subsequent return to service will enable SpiceJet to promptly launch flights on numerous regional and UDAN routes,” SpiceJet said.
