SpiceJet has successfully resolved a $16 million dispute with Genesis, marking another step in the airline’s efforts toward financial stability. As part of the settlement, SpiceJet will pay Genesis $6 million and transfer equity worth $4 million at ₹100 per share. This agreement will significantly reduce the airline’s liabilities and strengthen its balance sheet.
Both parties have agreed to withdraw ongoing litigations and disputes, signaling a constructive resolution. Ajay Singh, Chairman and Managing Director of SpiceJet, emphasized the settlement as a milestone in the airline’s financial recovery journey. He stated, “This agreement showcases stakeholder confidence in SpiceJet’s long-term growth and operational improvements.”
The settlement aligns with previous successful resolutions with lessors like Carlyle Aviation, which converted $30 million in lease arrears into equity in September 2024. These moves reflect increasing stakeholder confidence in SpiceJet’s financial recovery.
Additionally, SpiceJet’s credit rating was recently upgraded by Acuité Ratings & Research Limited, further underscoring its improving financial position. The airline remains committed to enhancing its operations and restoring financial resilience amidst challenging industry conditions.
