SpiceJet on Tuesday said it had signed an agreement with aircraft lessor Export Development Canada (EDC) to settle liabilities worth Rs 755 crore.
This pact will allow the airline to take ownership of 13 of the 15 Bombardier Q400 aircraft financed by EDC.
“This settlement marks the biggest breakthrough in SpiceJet’s financial restructuring efforts to date,” it stated.
SpiceJet has been facing a cash crunch for the past few quarters. It is also dealing with multiple court cases regarding money owed to former owner Kalanithi Maran, financial services firm Credit Suisse, aircraft lessors and engine lessors.
