INSUBCONTINENT EXCLUSIVE:
Spicejet share gains after dispute resolved with lessors2 min read Last Updated : Oct 09 2024 | 11:17 AM IST
SpiceJet share price soared
8 per cent on Wednesday, October 9, and registered an intraday high of Rs 67.98 per share
The stock extended its rally for a second consecutive session
SpiceJet share price gained after the airline company said that it had settled disputes with its lessors, Horizon Aviation 1 Ltd., Horizon
II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd under the management of Babcock - Brown Aircraft Management (BBAM).
At around 10:14 AM,
SpiceJet shares were up 6.43 per cent at Rs 66.84 per share
an exchange filing, SpiceJet said that the airline has settled the dispute for $22.5 million which was valued at $131.85 million (Rs 1,107
major dispute, SpiceJet has improved its financial stability and operational efficiency.
The development comes after the company resolved
its dispute with Engine Lease Finance Corporation (ELFC) on September 24, which had claimed $16.7 million.
"This landmark settlement with
BBAM allows us to significantly reduce our liabilities and reinforces our efforts to emerge as a more robust airline," said Ajay Singh,
chairman and managing director of SpiceJet.
On Tuesday, SpiceJet revealed its plan to expand its fleet by the end of November with the
being reintroduced into service.
In the filing, SpiceJet said the airline has already signed agreements for the leased aircraft, with the
full induction of all 7 planes expected by November 15
operationalise its grounded planes in phases, with the first three set to re?enter service before the end of November
