Budget carrier SpiceJet on Monday said it has successfully completed the full payment of $24 million to Credit Suisse, thereby fulfilling in entirety the terms of the settlement agreement signed between
the two parties in May 2022.
“This marks the closure of a long-standing liability that pre-dates the tenure of the airline’s current promoter,” SpiceJet said in a statement.
The successful completion of this payment underscores SpiceJet’s commitment to honouring its financial obligations and its sustained efforts to strengthen its balance sheet, improve financial stability and build long-term value for all stakeholders, it added.
Debojo Maharshi, chief business officer of SpiceJet, said, “The completion of this payment is another important step in our continued efforts to put legacy issues firmly behind us. This settlement not only brings closure to an old liability but also demonstrates our resolve and ability to meet commitments despite a challenging operating environment. SpiceJet today is financially stronger, more resilient, and fully focused on growth and profitability.”
On the date of the execution of settlement agreement in May 2022, the total claim of Credit Suisse/SR Technics was $41.77 million, which the parties agreed to settle for $24 million in a structured payment plan, it added.
The liability arose before the current promoter took over the airline and was linked to legacy commercial arrangements. With the full settlement now completed, SpiceJet has successfully eliminated a long-standing financial overhang, further reinforcing the company’s turnaround journey.
SpiceJet continues to take decisive steps to strengthen its financial position, including successful fund-raising initiatives, settlements with key lessors and creditors, and strategic expansion of its fleet and network, according to the statement.
