SpiceJet takes ownership of Q400 aircraft from NAC
According to the exchange filing, the airline already has five Q400 aircraft which were earlier owned by NAC.
Budget carrier SpiceJet is poised to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year. As part of the agreement, the airline will acquire full ownership of six Q400s. The
According to the exchange filing, the airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet.
The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon.
Earlier, the company signed a pact with Export Development Canada (EDC) to settle liabilities worth USD 90.8 million (around 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 on Tuesday.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
04:16 PM IST