SpiceJet today announced that it has fully settled a $90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC) for a total of $22.5 million, now paid in full by the airline. This resolution marks a significant milestone for SpiceJet, resulting in a substantial saving of $68.3 million (Rs 574 crore). The agreement represents one of the largest settlements in SpiceJet�fs history, strengthening the airline�fs fiscal position, eliminating a significant liability from its balance sheet and paving the way for sustained growth and operational efficiency. As per the terms of the agreement, SpiceJet has acquired full ownership of 13 EDC�] financed Q400 aircraft. The transfer of ownership of these 13 planes will result in a substantial reduction in operational costs, strengthening the airline�fs operational capabilities and fleet management. It also brings long�]term financial benefits, relieving SpiceJet from the obligation of monthly rental payments for these aircraft and further reinforcing the airline�fs financial stability. These aircraft will also enable SpiceJet to launch additional flights on regional and UDAN routes. Starting October 27, 2024, the airline has begun operating several new routes using the Q400, including Delhi�]Amritsar�]Delhi, Guwahati�]Patna�]Guwahati, Kolkata�] Patna�]Kolkata, Delhi�]Patna�]Delhi, and Delhi�]Darbhanga�]Delhi. Recently, SpiceJet also introduced services on the Shivamogga�]Chennai, Shivamogga�]Hyderabad, and Chennai-Kochi sectors with the same aircraft. SpiceJet plans to roll out another 18 flights in phases as more Q400 aircraft return to service. Powered by Capital Market - Live News

SpiceJet has received a significant boost with Acuite Ratings & Research upgrading its long-term rating by four notches to B+ and its short-term rating to A4. The rating agency has also assigned a `Stable` outlook to the airline.This remarkable four-notch upgrade highlights SpiceJet`s sustained efforts towards financial stability, operational resilience, and strategic growth initiatives.The improved credit rating not only reflects SpiceJet`s strengthened financial position but also enhances its ability to secure assets through financial leases, a move that provides the airline with greater flexibility and cost advantages. This step is aligned with SpiceJet`s ongoing commitment to expanding its fleet, improving operational efficiency, and delivering enhanced travel experiences to its passengers.Powered by Capital Market - Live News

Spicejet has launched 32 new flights for the winter schedule beginning 27 October 2024. With 30 of these flights operating in the domestic sector and two connecting Delhi to Phuket with daily non‐stop service, SpiceJet aims to enhance connectivity and provide travellers with more options. The winter schedule will feature exciting new routes, including four new flights from Mumbai to Patna, Gorakhpur, Varanasi, and Goa. The airline will connect Patna to Ahmedabad, Guwahati, Kolkata, and Bengaluru; Chennai to Port Blair and Pune; Delhi to Phuket, Amritsar, Gorakhpur and Kolkata to Port Blair.Powered by Capital Market - Live News

SpiceJet announced that it has successfully settled a $4.5 million dispute with Shannon Engine Support (SES) for an aggregate sum of $2 million. Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom. As part of the settlement, all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums. This settlement follows three other significant financial agreements by SpiceJet in recent weeks. On October 15, SpiceJet announced it had successfully settled a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited for an aggregate sum of $5 million.On 09 October, the airline successfully resolved a $131.85 million dispute with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (under the management of Babcock & Brown Aircraft Management) for $22.5 million. Prior to that, on September 24, the company had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million, for a lower amount.Powered by Capital Market - Live News

SpiceJet announced that the Directorate General of Civil Aviation (DGCA) has removed the airline from its enhanced surveillance regime. The enhanced surveillance was initiated on 13 September 2024. As part of the enhanced surveillance, the DGCA conducted a total of 266 spot checks across various locations. �It has been ensured that deficiencies and findings found during the spot checks have been subject to suitable rectification action by the operator. In light of the same and the financial infusion of additional funds into the company, SpiceJet has been taken off the enhanced surveillance regime,� the DGCA said in a media statement.Powered by Capital Market - Live News