Budget carrier SpiceJet on Wednesday said it has amicably settled a USD 132-million dispute with aircraft leasing firm Babcock & Brown Aircraft Management (BBAM).
The dispute, valued at USD 131.85 million (Rs 1,107 crore) with the lessors -- Horizon Aviation 1 Ltd, Horizon II Aviation 3 Ltd, and Horizon III Aviation 2 Ltd -- has been resolved for USD 22.5 million, SpiceJet said in a statement.
All these lessors are under the management of BBAM.
The settlement, which comes after the company raised Rs 3,000 crore through a QIP last month, will help SpiceJet strengthen its balance sheet and reduce overall liabilities, it said.
By resolving this major dispute, SpiceJet has cleared a significant hurdle, paving the way for improved financial stability and operational efficiency, the airline added.
"This settlement with BBAM allows us to significantly reduce our liabilities. Together with the funds raised through our QIP, we are well-positioned to focus on growth, ungrounding our fleet, and expanding our services," said Ajay Singh, Chairman and Managing Director of SpiceJet.
Featured Video Of The Day
Russia-Ukraine War: 1,000 Days On | India Global Special Broadcast | NDTV World
"Will Miss Birth Of My Child": Man Slammed For Pranking SpiceJet Staff With Fake Emergency Story SpiceJet Expands Domestic Network With 8 New Flights SpiceJet Removed From Enhanced Surveillance Regime Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest This Asian City Is Emerging As Sex Tourism Hub. It's Not Where You Think Noted Surgeon Dr Mathew Varghese Named 'The One International' South Korea Court Jails Ex-Fiance Of Olympic Medalist For 13 Years Trump Pick Matt Gaetz Withdraws As Nominee For US Attorney General Track Latest News Live on NDTV.com and get news updates from India and around the world.