SpiceJet to settle $91 million liabilities | India Information – Occasions of India

NEW DELHI: SpiceJet has reached a settlement with Export Improvement Canada to resolve liabilities valued at $91 million (Rs 755 crore), the airline mentioned in a submitting on Tuesday. The liabilities stem from a mortgage acquired by the airline in 2011 for procuring 15 plane. As a part of the settlement, SpiceJet pays a settlement quantity and purchase possession of 13 EDC-financed Q400 plane.With 12 of those Q400s presently grounded, their return to service “will allow SpiceJet to promptly launch flights on quite a few routes.” TNN