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GURUGRAM, December 19, 2024: SpiceJet has reached an amicable settlement with Genesis, resolving their over $16 million dispute. Under the agreement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity at a price of INR 100 per share.
The agreement will also result in a significant saving for the airline as it navigates a robust path toward long-term growth.
The settlement with Genesis underscores SpiceJet’s continued commitment to restoring financial stability, achieving operational resilience, and reducing legal liabilities. Subject to the settlement terms being satisfied, both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This settlement marks another crucial step in our journey towards financial stability. We are pleased to have resolved this matter amicably with Genesis through constructive negotiations. This agreement, which includes Genesis acquiring an equity stake in SpiceJet, will significantly reduce our financial liabilities and further strengthen our balance sheet.”
This settlement follows a series of successful resolutions with other lessors, including Horizon Aviation, Engine Lease Finance Corporation, Aircastle, Wilmington Trust SP, Shannon Engine Support Limited, Export Development Canada, among others.
In September 2024, Carlyle Aviation agreed to convert $30 million of lease arrears into SpiceJet equity at INR 100 per share, signalling increasing confidence from stakeholders in the airline’s financial and operational recovery.
The airline's recent financial progress has been recognised by Acuité Ratings & Research Limited, which recently upgraded SpiceJet's credit rating by four notches.
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 & freighters and is the country’s largest regional player 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.
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