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SpiceJet settles dispute with Lessor, saving costs

 

SpiceJet has officially resolved a USD 49.8 million (INR 413 Crore) dispute with Echelon Ireland Madison One Ltd., marking a significant achievement for the airline. This settlement not only translates to substantial cost savings but also contributes to the overall strengthening of SpiceJet’s financial position.

Key Highlights of the Settlement:

Major Cost Savings: The resolution with Echelon Ireland Madison One Ltd. translates into significant savings of USD 48 million (INR 398 Crore) for SpiceJet.

Acquisition of Two Airframes: As part of the agreement, SpiceJet gains the acquisition of two airframes, enhancing its fleet and operational capabilities.

Continued Success: This settlement represents the third major resolution for SpiceJet following recent fundraising efforts. Cumulatively, these successful settlements have resulted in total savings of INR 685 Crore, contributing significantly to SpiceJet’s financial stability and balance sheet.

Ajay Singh, Chairman and Managing Director, SpiceJet, expressed satisfaction, stating, “We are pleased to announce the successful resolution of our dispute with Echelon Ireland Madison One Ltd., marking another significant milestone for SpiceJet. This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes.”

This announcement comes after SpiceJet’s recent successful resolutions, including the settlement of a USD 29.9 million (INR 250 Crore) dispute with Celestial Aviation on February 28, resulting in savings of INR 235 Crore. Additionally, on March 5, SpiceJet reached settlement terms with aircraft leasing firm Cross Ocean Partners, resolving a dispute of approximately USD 11.2 million (INR 93 Crore). As part of this arrangement, SpiceJet will also benefit from the transfer of an airframe and an engine at no additional cost, contributing to its operational capabilities.

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