“This settlement is a significant milestone for the airline, providing significant financial relief and reinforcing its commitment to restore long-term growth and sustainability. The agreement also provides substantial savings to SpiceJet. , further strengthening its position in the competitive aviation sector,” he added.
In a joint statement, both parties confirmed that the terms of the settlement will result in the withdrawal of all ongoing litigation and disputes related to the matter. The move is expected to reduce SpiceJet’s legal liabilities and pave the way for smooth operations in the future.
Ajay Singh, Chairman and Managing Director, SpiceJet, expressed satisfaction with the resolution, commenting, “This settlement marks another important step in our journey towards financial stability. We are happy to settle this matter with Genesis.” The acquisition of an equity stake in Genesis SpiceJet will significantly reduce our financial liabilities and further strengthen our balance sheet.
The settlement with Genesis is the latest in a string of successful resolutions with other lasers. SpiceJet has previously entered into similar agreements with companies including Horizon Aviation, Engine Lease Finance Corporation, Air Castle, Wilmington Trust SP, Shannon Engine Support Limited, and Export Development Canada. These negotiations have been instrumental in reducing the outstanding financial obligations of the airline.
This latest deal follows a landmark deal in September 2024, when Carlyle Aviation agreed to convert $30 million of lease arrears into SpiceJet equity at INR 100 per share. The deal signaled the growing confidence of stakeholders in SpiceJet’s financial and operational recovery.
SpiceJet’s recovery has been further validated by Acuité Ratings & Research, which recently upgraded the airline’s credit rating by four notches, citing the company’s progress in overcoming financial challenges and its position in the aviation market. Reflects a better outlook.