SpiceJet settles long-standing $24 million liability with Credit Suisse

The liability stems from a 2011 10-year aircraft servicing deal with Swiss firm SR Technics, which transferred its payment recovery rights to Credit Suisse

SpiceJet on Monday announced that it has fully paid the dues worth $24 million to Credit Suisse, completing the terms of a settlement agreement signed between the two parties in May 2022. The payment settles a long-standing liability that predates the tenure of the airline’s current promoter, the low-cost airline said in a BSE filing.

 

“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," said Debojo Maharshi, Chief Business Officer of SpiceJet.