New Delhi: Low-cost airline SpiceJet announced on Wednesday that it has resolved a $132 million disagreement with aircraft leasing company Babcock & Brown Aircraft Management (BBAM) in a friendly manner. SpiceJet announced that the conflict worth USD 131.85 million (Rs 1,107 crore) with the lessors Horizon Aviation 1 Ltd, Horizon II Aviation 3 Ltd, and Horizon III Aviation 2 Ltd has been settled for USD 22.5 million. BBAM manages all of these lessors.
SpiceJet said the agreement, following the company's Rs 3,000 crore QIP fundraise last month, will bolster its financial position by improving its balance sheet and lowering its total liabilities. By settling this significant disagreement, SpiceJet has overcome a major obstacle, opening the door for better financial stability and operational efficiency, stated the airline.
This agreement with BBAM enables us to greatly decrease our financial obligations. Ajay Singh, Chairman and Managing Director of SpiceJet, stated that due to the funds raised from our QIP, we are ready to concentrate on growth, expanding our services, and ungrounding our fleet.
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