SpiceJet resolves issues with EDC; pays ₹755 crore

SpiceJet has reached a settlement with Export Development Canada (EDC) to settle liabilities worth ₹755 crore.

“SpiceJet and Export Development Canada (EDC) have reached an agreement that will help SpiceJet clear its major debts, giving a boost to its financial health,” said SpiceJet in a statement. “As part of the deal, SpiceJet will pay around $91 million (₹755 crore) to settle its outstanding liabilities. This agreement is a big step forward in SpiceJet’s efforts to improve its finances.”

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Q400 aircraft

“As part of the deal, “SpiceJet will now own 13 Q400 aircraft previously financed by EDC, which will enhance its operations and fleet management. This agreement signals SpiceJet’s commitment to managing its finances wisely and securing long-term prosperity.”

Ajay Singh, the chairman and managing director of SpiceJet, expressed satisfaction with the agreement, saying, “We are pleased to have reached this settlement agreement with EDC and we thank their leadership and management team for their cooperation, understanding and progressive approach through the process. This significant milestone will allow us to strengthen our balance sheet and position the airline for long-term success.”