SpiceJet has reached a successful settlement with Willis Lease Finance Corporation, a leading global aircraft engine lessor. This agreement results in significant financial savings for the airline and marks the withdrawal of Willis Lease’s insolvency case against SpiceJet. The settlement underscores SpiceJet’s ongoing efforts to fortify its financial foundation and ensure long-term stability.
This resolution follows a series of strategic financial moves by the airline, including a crucial INR 3,000 crore infusion through a Qualified Institutional Placement (QIP) in September 2024. Additionally, SpiceJet’s promoter, Ajay Singh, contributed INR 294.09 crore, further bolstering the airline’s liquidity. These capital infusions have enabled SpiceJet to settle outstanding disputes and focus on operational expansion.
Ajay Singh, Chairman and Managing Director of SpiceJet, emphasized the importance of the settlement, stating, “This successful resolution with Willis Lease reflects the effectiveness of our financial restructuring strategy. The QIP and promoter funding have significantly strengthened our ability to resolve long-standing disputes, enhance financial stability, and drive operational growth. We deeply appreciate the continued support of our partners and stakeholders.”
SpiceJet’s commitment to resolving past liabilities and strengthening its balance sheet remains a priority. With a string of successful settlements, the airline is positioning itself for long-term operational and financial success. This latest development signals positive momentum, reinforcing investor confidence and ensuring a more resilient future for SpiceJet.
