Gurugram, October 9, 2024: SpiceJet has achieved a significant financial milestone with the amicable settlement of its dispute with its the lessors, Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd., which are the lessors under the management of Babcock & Brown Aircraft Management (BBAM). The dispute, valued in aggregate at $131.85 million (approximately ₹1,107 crore) with aforesaid lessors has been resolved for $22.5 million.

This settlement represents one of the largest financial agreements reached by SpiceJet, marking a substantial step towards strengthening the airline’s balance sheet and reducing its overall liabilities. By resolving this major dispute, SpiceJet has cleared a significant hurdle, paving the way for improved financial stability and operational efficiency.

This settlement comes on the heels of SpiceJet’s successful resolution of a dispute with Engine Lease Finance Corporation (ELFC) on September 24, which had claimed $16.7 million. These two major settlements demonstrate SpiceJet's commitment to resolving financial matters and ensuring a stronger financial foundation for the airline’s future.

Ajay Singh, Chairman and Managing Director of SpiceJet, stated, “This landmark settlement with BBAM allows us to significantly reduce our liabilities and reinforces our efforts to emerge as a more robust airline. Together with the funds raised through our QIP, we are well-positioned to focus on growth, ungrounding our fleet, and expanding our services.”

This settlement follows SpiceJet’s successful Qualified Institutional Placement (QIP) that concluded on September 20, which raised INR 3,000 Crore. The QIP garnered overwhelming interest from a diverse group of top-tier institutional investors and funds.

With a strengthened financial position and a growing fleet, SpiceJet is poised to restore its reputation for efficiency, reliability, and customer satisfaction. The airline aims to provide passengers with improved connectivity, a wider range of travel options, and a seamless flying experience.

About SpiceJet:
SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.