SpiceJet resolves another aircraft lessor dispute |

Budget airline SpiceJet, involved in multiple court cases, said on Thursday that it reached an amicable settlement with aircraft lessor Genesis, resolving a $16 million dispute. Under the agreement, SpiceJet will pay Genesis $6 million, and Genesis will acquire $4 million in SpiceJet equity for INR 100 per share. The airline’s shares were trading at roughly half this price of INR 59 apiece on Thursday morning at the Bombay Stock Exchange. Genesis had gone to a London court over a dispute related to its leased Boeing 737-800 registered as VT-SLI, saying the conditions associated with its redelivery were unmet. The airline underlined that subject to the satisfaction of the settlement terms; both parties have now agreed to withdraw all ongoing litigations and disputes related to this matter in the appropriate forums. [caption id="attachment_27860" align="aligncenter" width="385"] Ajay Singh[/caption] Ajay Singh, Chairman and Managing Director of SpiceJet, said, “This settlement marks another crucial step in our journey towards financial stability. We are pleased to have resolved this matter amicably with Genesis through constructive negotiations. This agreement, which includes Genesis acquiring an equity stake in SpiceJet, will significantly reduce our financial liabilities and further strengthen our balance sheet.” SpiceJet, which raised nearly $400 million from investors a few weeks back, has resolved disputes with Horizon Aviation, Engine Lease Finance Corporation, Aircastle, Wilmington Trust SP, Shannon Engine Support Limited, and Export Development Canada, among others. In September, Carlyle Aviation agreed to convert $30 million of lease arrears into SpiceJet equity at INR 100 per share. The airline, with a 4% domestic market share, flies a mix of Boeing 737s and Q400s.

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