SpiceJet Completes $24 Million Payment to Credit Suisse
SpiceJet has completed the full payment of $24 million to Credit Suisse, fulfilling the terms of the settlement agreement signed in May 2022.
This payment closes a liability that predates the current promoter’s tenure. The settlement reduces legacy financial obligations and supports SpiceJet’s efforts to stabilize its balance sheet and maintain financial discipline.
Debojo Maharshi, Chief Business Officer, SpiceJet, said, “The completion of this payment is another important step in our continued efforts to put legacy issues firmly behind us. This settlement not only brings closure to an old liability but also demonstrates our resolve and ability to meet commitments despite a challenging operating environment. SpiceJet today is financially stronger, more resilient, and fully focused on growth and profitability.”
At the time of the settlement agreement in May 2022, the total claim from Credit Suisse/SR Technics was $41.77 million, which was settled for $24 million under a structured payment plan.
The liability arose from commercial agreements made prior to the current promoter taking over. With the settlement now fully completed, SpiceJet has eliminated this financial burden and is continuing its efforts to strengthen its financial position. This includes initiatives to raise funds, settlements with key lessors and creditors, as well as the planned expansion of its network and fleet.
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