SpiceJet reported that the settlement of the payment of INR 100 crore to City Union Bank had been accomplished satisfactorily.
“The last tranche of INR 25 crore was paid on June 30, 2023, successfully closing the entire loan account which was taken in the year 2012,” the airline stated in a stock exchange filing.
All securities that were pledged to the bank are released upon loan repayment.
In accordance with the press release, “the repayment to City Union Bank follows a successful settlement agreement with Nordic Aviation Capital (NAC), a significant lessor for SpiceJet’s Q400 aircraft.”
The deal with NAC also clears the way for the return and addition of three more aircraft to SpiceJet’s fleet, according to the airline. “The agreement with NAC settles all past liabilities for the Q400s leased by NAC to SpiceJet,” it said.
As the airline rebuilds its fleet and its operations, SpiceJet also stated that it is still dedicated to reaching amicable agreements with all of its debtors.
Source: travelbizmonitor