SpiceJet to settle $91 million liabilities | India News

NEW DELHI: SpiceJet has reached a settlement with Export Development Canada to resolve liabilities valued at $91 million (Rs 755 crore), the airline said in a filing on Tuesday. The liabilities stem from a loan acquired by the airline in 2011 for procuring 15 aircraft. As part of the settlement, SpiceJet will pay a settlement amount and acquire ownership of 13 EDC-financed Q400 aircraft.With 12 of these Q400s currently grounded, their return to service “will enable SpiceJet to promptly launch flights on numerous routes.” TNN

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