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

SpiceJet is on the brink of acquiring a Q400 aircraft from Nordic Aviation Capital (NAC) as part of a settlement agreement finalized last year.

In this agreement, which resolves all previous liabilities for the Q400s leased by NAC to SpiceJet, the airline gains complete ownership of six Q400s. SpiceJet already operates five Q400 aircraft previously owned by NAC, with ownership of these planes now officially transferred to the airline. This agreement marks significant long-term savings for SpiceJet, freeing the airline from the burden of monthly rental payments for these aircraft.

The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon.

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

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

On March 26, SpiceJet announced a significant settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities amounting to nearly $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 finalized three other noteworthy agreements, including those with aircraft leasing firms, Cross Ocean Partners and AerCap. These settlements collectively yielded savings of INR 685 Crore for the airline. Moreover, SpiceJet acquired three Boeing aircraft as part of these agreements.

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