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Settlement with Lessor Secures six Q400 aircraft for SpiceJet

 

SpiceJet is set to receive a Q400 aircraft from Nordic Aviation Capital (NAC) as part of a settlement agreement reached last year.

This agreement resolves all past liabilities related to the Q400s leased by NAC to SpiceJet, granting the airline full ownership of six Q400s. SpiceJet already possesses five Q400 aircraft previously owned by NAC, with ownership now officially transferred to the airline. Notably, this agreement brings substantial long-term savings for SpiceJet by eliminating the need for regular monthly rentals for these aircraft.

The sixth Q400 aircraft is currently en route to India from Germany and is anticipated to arrive in Delhi shortly.

The timely acquisition of the Q400 aircraft aligns with the upcoming summer schedule, enabling SpiceJet to offer seamless connectivity and enhanced services to passengers during peak travel seasons.

SpiceJet recently announced four major settlements with key aircraft lessors, resulting in significant savings of INR 1252 Crore for the airline.

On March 26, SpiceJet finalised a significant settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities totaling nearly USD 91 million, as per SpiceJet’s records, leading to substantial savings of INR 567 crore for the airline.

In addition to the EDC settlement, SpiceJet concluded three other notable agreements with aircraft leasing firms, Cross Ocean Partners and AerCap. These settlements collectively delivered savings of INR 685 Crore for the airline. Furthermore, SpiceJet acquired three Boeing aircraft as part of these agreements.

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SpiceJet to Acquire Q400 Aircraft from NAC in Settlement; Ownership of Six Transferred

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