SpiceJet takes ownership of Q400 aircraft from NAC
According to the exchange filing, the airline already has five Q400 aircraft which were earlier owned by NAC.
Budget carrier SpiceJet is poised to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year. As part of the agreement, the airline will acquire full ownership of six Q400s. The
According to the exchange filing, the airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet.
The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon.
Earlier, the company signed a pact with Export Development Canada (EDC) to settle liabilities worth USD 90.8 million (around Rs 755 crore).
The liabilities stem from a loan acquired by the airline in 2011 for the procurement of 15 aircraft.
The terms of the settlement pact will allow the airline to clear major liabilities, leading to a comprehensive revitalisation of the airline's balance sheet, SpiceJet said in a statement on Tuesday.
Under the agreement, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft, bolstering the airline's operational capabilities and fleet management, it said.
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