GURUGRAM: SpiceJet has successfully made a full payment of $24 million to Credit Suisse, thereby completely fulfilling the terms of the settlement agreement established between the two parties in May 2022. This payment marks the resolution of a longstanding liability that predates the current promoter’s tenure. The successful completion of this payment highlights SpiceJet’s commitment to meeting its financial obligations and ongoing efforts to enhance its balance sheet, improve financial stability, and create long-term value for all stakeholders. Debojo Maharshi, Chief Business Officer of SpiceJet, stated, “The completion of this payment is another crucial step in our ongoing efforts to put legacy issues behind us.
This settlement not only resolves an old liability but also showcases our determination and capability to meet commitments even in a challenging operating environment. SpiceJet is now financially stronger, more resilient, and fully focused on growth and profitability.” At the time of executing the settlement agreement in May 2022, the total claim from Credit Suisse/SR Technics was $41.77 million, which the parties agreed to settle for $24 million through a structured payment plan. This liability originated before the current promoter assumed control of the airline and was associated with legacy commercial arrangements. With the full settlement now accomplished, SpiceJet has successfully eliminated a significant financial burden, further reinforcing the company’s turnaround efforts.
The airline continues to take decisive measures to strengthen its financial standing, including successful fundraising initiatives, settlements with key lessors and creditors, and strategic expansion of its fleet and network. About SpiceJet: SpiceJet is India’s preferred airline, making flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline operating a fleet of Boeing 737s and Q-400s and is among the country’s largest regional players, offering multiple daily flights under UDAN or the Regional Connectivity Scheme. Most of the airline’s fleet provides SpiceMax, the most spacious economy-class seating in India.
