SpiceJet settles Rs 755 crore dues with Canadian agency

PTI

Updated At : 01:29 PM Mar 27, 2024 IST

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits

Yearly Premium ₹999 ₹349/Year

Yearly Premium $49 $24.99/Year

Mumbai, March 26

SpiceJet on Tuesday said it had signed a pact with Export Development Canada (EDC) to settle liabilities worth $90.8 million (Rs 755 crore). The liabilities stem from a loan acquired by the airline in 2011 for the procurement of 15 aircraft.

The terms of the settlement pact will allow the airline to clear major liabilities, leading to a comprehensive revitalisation of the airline’s balance sheet, SpiceJet said in a statement. Under the agreement, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft, bolstering the airline’s operational capabilities and fleet management, it said.

SpiceJet said the settlement will lead to savings worth $68.3 million (Rs 567 crore) for SpiceJet, it said.

Tags :

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Unlock Exclusive Insights with The Tribune Premium

Suggested Articles