SpiceJet pays back Rs 100 cr loan to City Union Bank, frees collaterals
New Delhi: SpiceJet on Monday announced the successful settlement of a loan payment amounting to Rs 100 crore to City Union Bank, news agency ANI reported.
The final installment of Rs 25 crore was successfully paid on June 30, 2023, thereby concluding the entire loan account that was initially obtained in 2012, as per the airline company's release.
Notably, following a successful settlement agreement with Nordic Aviation Capital (NAC), a prominent lessor of SpiceJet's Q400 aircraft, the repayment to City Union Bank has taken place.
The agreement with NAC has resolved all previous obligations related to the Q400 aircraft leased by NAC to SpiceJet.
This development will facilitate the return and inclusion of three more aircraft into SpiceJet's fleet.
SpiceJet reiterated its commitment to establishing mutually advantageous agreements with all its creditors as it undertakes the process of re-establishing and expanding its fleet and business operations.
The airline currently operates approximately 250 flights per day, serving 48 domestic destinations as well as international routes.
Its fleet comprises various aircraft models, including the Boeing 737 Max, Boeing 700, and Q400s.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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