SpiceJet Resolves $23.39 Million Lawsuit with Aircastle and Wilmington Trust

15 Oct 2024 , 11:08 AM

SpiceJet has settled a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited for a total of $5 million, as well as an agreement on the treatment of certain aircraft engines, according to a company statement.

The settlement comes after the airline raised Rs 3,000 crore in a QIP.

SpiceJet shares were trading up 1.5% at Rs 66.65 as of 11:03 a.m.

Previously, SpiceJet and Irish aircraft lessor Babcock & Brown Aircraft Management settled their dispute for $131.85 million.

The airline has also stated that it will extend its fleet by adding ten more planes by the end of November. Seven of these aircraft will be leased, while three SpiceJet jets that were previously grounded will be brought into service.

The QIP attracted a wide spectrum of institutional investors and funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Limited.

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