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SpiceJet repays INR 100 crore loan to City Union Bank freeing up all collaterals pledged

GURUGRAM, July 3, 2023: SpiceJet has successfully completed the settlement of payment of INR 100 crore to City Union Bank. The last tranche of INR 25 crore was paid on 30 June, 2023, successfully closing the entire loan account which was taken in the year 2012.

The repayment of the loan amount releases all securities that had been pledged with the bank.

The repayment to City Union Bank follows a successful settlement agreement with Nordic Aviation Capital (NAC), a major lessor for SpiceJet’s Q400 aircraft. The agreement with NAC settles all past liabilities for the Q400s leased by NAC to SpiceJet and paves the way for the return and induction of three additional planes into the SpiceJet fleet.

SpiceJet remains committed to finding amicable settlements with all its creditors as the airline builds back its fleet and its business.

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.