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SpiceJet settles EDC debt case
Indian LCC SpiceJet said it has settled a case with Export Development Canada (EDC) for outstanding liabilities of around $91 million.
By settling, the airline will take ownership of 13 Bombardier Q400 aircraft which were financed by the Canadian agency.
“This settlement marks the biggest breakthrough in SpiceJet’s financial restructuring efforts,” the airline said.
The case relates to a loan from EDC for the purchase of a total of 15 Q400 aircraft more than a decade ago.
Cash strapped SpiceJet has reached a number of settlements with aircraft leasing companies as it gradually restructures the business.
The airline recently announced job cuts as it continues to make cost savings.
SpiceJet says the Q400 jets will enable it to offer new flights on regional routes.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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