SpiceJet signs agreement with Export Development Canada
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SpiceJet: The problems of SpiceJet, a company providing cheap air services, may be reduced. It is being told that the airline company has entered into an agreement with Export Development Canada (EDC) to settle the liability of $9.01 million i.e. Rs 755 crore. The airline had taken a loan in 2011 to purchase 15 aircraft. This dues is related to that. SpiceJet said in a statement on Tuesday that the terms of the agreement will help the airline in settling major liabilities. This will strengthen the balance sheet of the airline. Under the agreement, SpiceJet will acquire full ownership of 13 Q400 aircraft financed by Export Development Canada. This will strengthen the operational efficiency and fleet management system of the airline.
SpiceJet will save $68.3 million
SpiceJet will pay a comprehensive settlement amount to settle outstanding liabilities of approximately $90.1 million. It has been said that this agreement will save SpiceJet $68.3 million (Rs 567 crore). SpiceJet Chairman and Managing Director Ajay Singh said that we have reached an agreement with EDC. This important step will help us strengthen our balance sheet. The airline said that out of a total of twelve Q400 aircraft, they are currently grounded. Their renovation and return to service will help SpiceJet to launch services on several regional and flight routes.
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Two officers of the company had resigned
Two top officials of the company, which was facing financial crunch, had recently resigned. The airline’s Chief Commercial Officer Shilpa Bhatia and Chief Operating Officer Arun Kashyap had resigned. After this information in the stock market, the company’s stocks fell by about seven percent. Let us tell you that recently the company has received funds of about Rs 1000 crore. The company is currently in the restructuring phase. The company had shown the way out to about 800 employees in the name of cost cutting.
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