Lagatar24 Desk
New Delhi, July 3: SpiceJet has successfully settled a loan payment to City Union Bank of amount of Rs 100 crore, it announced on Monday.
The airline firm paid the final instalment of Rs 25 crore On June 30, 2023, successfully ending the loan account that had been opened in 2012.
“The repayment of the loan amount releases all securities that had been pledged with the bank,” it added.
It is noteworthy that the payment to City Union Bank follows a successful settlement agreement with Nordic Aviation Capital (NAC), a significant lessor of SpiceJet’s Q400 aircraft.
All previous liabilities for the Q400s that NAC had leased to SpiceJet were resolved by the agreement with NAC. It will open the door for the re-entry and addition of three more aircraft to SpiceJet’s fleet.
As the airline rebuilds its fleet and its business, SpiceJet stated it is still dedicated to reaching amicable agreements with all of its creditors.
SpiceJet operates roughly 250 flights each day to 48 domestic and international destinations.
Boeing 737 Max, Boeing 70, and Q400s are among the aircraft in its fleet.
SpiceJet began operations in May 2005.
