SpiceJet has reached a key financial milestone by settling its dispute with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd., managed by Babcock & Brown Aircraft Management (BBAM). Originally valued at $131.85 million (around ₹1,107 crore), the dispute has been resolved for $22.5 million.
This significant agreement strengthens SpiceJet’s balance sheet and reduces its liabilities, enhancing the airline’s financial stability and operational efficiency. This settlement follows another successful resolution with Engine Lease Finance Corporation (ELFC) on September 24, which had claimed $16.7 million.
Ajay Singh, Chairman and Managing Director, stated that this settlement positions SpiceJet for growth alongside funds raised from a recent Qualified Institutional Placement (QIP) of ₹3,000 crore. With an improved financial position and expanding fleet, SpiceJet aims to enhance passenger connectivity and provide a better flying experience.