SpiceJet Resolves Dispute with Willis Lease, Achieves Major Cost Savings
Another Milestone in Airline’s Financial Turnaround Post QIP
SpiceJet has successfully settled its dispute with Willis Lease Finance Corporation, a leading global aircraft engine lessor, securing significant cost savings. As part of the agreement, Willis Lease has withdrawn its insolvency case against the airline, marking another step forward in SpiceJet’s financial restructuring efforts.
This resolution follows SpiceJet’s strategic financial turnaround, supported by an ₹3,000 crore infusion through a Qualified Institutional Placement (QIP) in September 2024 and an additional ₹294.09 crore investment by promoter Ajay Singh. These funds have played a crucial role in strengthening the airline’s financial position, resolving outstanding disputes, and enabling operational growth.
Ajay Singh, Chairman and Managing Director, SpiceJet, commented:
“This successful settlement with Willis Lease reflects the positive impact of our financial restructuring strategy. The QIP and promoter funding have strengthened our ability to resolve long-standing disputes, enhance financial stability, and drive operational growth. We appreciate the continued support of our partners and stakeholders as we work towards building a stronger and more resilient SpiceJet.”
With a series of successful settlements and financial improvements, SpiceJet continues to reinforce its commitment to resolving past liabilities and securing long-term stability.
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