SpiceJet has successfully completed the full payment of $24 million to Credit Suisse, bringing to a close a long-standing liability that had weighed on the airline for years. The payment fulfills the terms of the settlement agreement signed in May 2022 between the two parties, marking a significant milestone in the carrier’s financial turnaround journey.
When the agreement was executed in May 2022, the total claim of Credit Suisse and SR Technics stood at $41.77 million. Both sides agreed to a structured settlement of $24 million, which SpiceJet has now paid in full. This liability, linked to legacy commercial arrangements, arose prior to the tenure of the airline’s current promoter.
With the final payment completed, SpiceJet has eliminated a key overhang from its balance sheet. The development highlights the airline’s commitment to honoring financial obligations while working towards strengthening its financial stability and rebuilding long-term shareholder value.
In recent months, SpiceJet has also taken several decisive steps to improve its financial health. These include fund-raising initiatives, settlements with lessors and creditors, and expansion of its fleet and network. The resolution with Credit Suisse adds momentum to the company’s ongoing efforts to consolidate operations and sustain its turnaround.
