{"id":74822,"date":"2024-11-14T15:35:53","date_gmt":"2024-11-14T10:05:53","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=74822"},"modified":"2024-11-14T15:35:58","modified_gmt":"2024-11-14T10:05:58","slug":"spicejet-owns-13-canadian-aircraft-after-90-million-settlement","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2024\/11\/14\/spicejet-owns-13-canadian-aircraft-after-90-million-settlement\/","title":{"rendered":"SpiceJet Now Owns 13 Canadian Aircraft After $90 Million Settlement"},"content":{"rendered":"\n<p><strong>GURGAON-<\/strong> <a href=\"https:\/\/aviationa2z.com\/index.php\/tag\/spicejet\/\">SpiceJet Airline (SG)<\/a> announced on Thursday (November 14, 2024) that it has fully resolved a $90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC), finalizing the settlement with a reduced payment of $22.5 million (Rs 189 crore). <\/p>\n\n\n\n<p>This settlement saved the low-cost airline $68.3 million (Rs 574 crore).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1024x683.jpeg\" alt=\"\" class=\"wp-image-42541\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1024x683.jpeg 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-300x200.jpeg 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-768x512.jpeg 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1600x1067.jpeg 1600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1536x1024.jpeg 1536w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-2048x1365.jpeg 2048w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-750x500.jpeg 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1140x760.jpeg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo: avgeekwithlens\/ Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-spicejet-q400-aircraft-settlement\">SpiceJet Q400 Aircraft Settlement<\/h2>\n\n\n\n<p>As a result of the agreement, SpiceJet now fully owns 13 Q400 aircraft previously financed by EDC. <\/p>\n\n\n\n<p>The airline stated that this ownership transfer will significantly cut operational costs, improve fleet management, and strengthen financial stability by removing monthly rental obligations.<\/p>\n\n\n\n<p>Ajay Singh, Chairman and Managing Director of SpiceJet, expressed satisfaction with the outcome, saying, <\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>We are very pleased to have paid the settlement amount in full and closed this agreement with EDC. This resolution allows us to move forward with a strengthened balance sheet and focus on getting our Q400 aircraft back into service as quickly as possible. We are excited to expand our regional operations and enhance connectivity across key routes, including those under the UDAN scheme, with our revitalized fleet.&#8221;<\/p><cite>Ajay Singh, Chairman and Managing Director of SpiceJet<\/cite><\/blockquote><\/figure>\n\n\n\n<p>SpiceJet\u2019s settlement with Export Development Canada aligns with its ongoing financial restructuring. In September 2024 the airline raised <strong>Rs 3,000 crore<\/strong> through an oversubscribed Qualified Institutional Placement (QIP), drawing 87 domestic and international investors.<\/p>\n\n\n\n<p>Since September 26, 2024, SpiceJet has cleared over Rs 600 crore in outstanding dues, including salaries, Goods and Services Tax (GST) liabilities, Provident Fund (PF) contributions, and payments to aircraft lessors. <\/p>\n\n\n\n<p>By October 29, 2024, the airline also settled Rs 310 crore in Tax Deducted at Source (TDS) dues, including Rs 220 crore owed to employees for the period between April 2020 and August 2023.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-1024x576.png\" alt=\"\" class=\"wp-image-55586\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-1024x576.png 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-300x169.png 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-768x432.png 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-1600x900.png 1600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-1536x864.png 1536w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-2048x1152.png 2048w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-750x422.png 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/01\/8brmd3ot-1140x641.png 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo: avgeekwithlens\/ Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-large-expansion-plans\">Large Expansion Plans<\/h2>\n\n\n\n<p>For the winter schedule starting October 27, 2024, SpiceJet launched 32 new flights, expanding both domestic and international routes. This includes 30 domestic flights and a new daily non-stop service connecting Delhi (DEL) with <a href=\"https:\/\/aviationa2z.com\/?s=Phuket\">Phuket (HKT).<\/a> SpiceJet aims to further bolster operations by adding 10 new aircraft by November 2024.<\/p>\n\n\n\n<p>Led by Ajay Singh, SpiceJet also plans to launch seaplane services in 2025. The airline held a demonstration flight on November 10, 2024, from Prakasam Barrage in Vijayawada to Srisailam Dam in Andhra Pradesh, showcasing its commitment to regional connectivity. <\/p>\n\n\n\n<p>SpiceJet has been conducting <a href=\"https:\/\/aviationa2z.com\/?s=Seaplane\">seaplane <\/a>trials across multiple locations, with engineering support from De Havilland.<\/p>\n\n\n\n<p>SpiceJet holds operational rights for seaplane services on 20 routes, including Lakshadweep, Hyderabad, Guwahati, and Shillong. The airline intends to expand connectivity on these routes as soon as the infrastructure is in place.<\/p>\n\n\n\n<p>Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n<p>Join us on\u00a0<a href=\"https:\/\/t.me\/s\/aviationa2z\" rel=\"nofollow\">Telegram Group\u00a0<\/a>for the Latest Aviation Updates. Subsequently, follow us on\u00a0<a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMPLdrgsw_-jGAw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\">Google News<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-aviation-a-2-z wp-block-embed-aviation-a-2-z\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"DblQS1Ck7i\"><a href=\"https:\/\/aviationa2z.com\/index.php\/2024\/11\/10\/spicejet-20-seaplane-routes-in-2025\/\">SpiceJet Eyes 20 New Seaplane Routes Launch in 2025<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;SpiceJet Eyes 20 New Seaplane Routes Launch in 2025&#8221; &#8212; Aviation A2Z\" src=\"https:\/\/aviationa2z.com\/index.php\/2024\/11\/10\/spicejet-20-seaplane-routes-in-2025\/embed\/#?secret=LpClVLvjgi#?secret=DblQS1Ck7i\" data-secret=\"DblQS1Ck7i\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>SpiceJet Airline announced on Thursday that it has fully resolved a $90.8 million (Rs 763 crore) dispute with EDC, finalizing the settlement.<\/p>\n","protected":false},"author":1,"featured_media":74824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7215,6761,8474],"tags":[2322,13477,446,10623,20779,15909,16714,15912,6252,12934,3389,12935,6196],"class_list":{"0":"post-74822","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airline-news","8":"category-news","9":"category-spicejet","10":"tag-ajay-singh","11":"tag-indigo-and-spicejet-aircraft","12":"tag-spicejet","13":"tag-spicejet-ajay-singh","14":"tag-spicejet-ceo","15":"tag-spicejet-new-aircraft","16":"tag-spicejet-new-flights","17":"tag-spicejet-new-funds","18":"tag-spicejet-new-routes","19":"tag-spicejet-new-winter-flights","20":"tag-spicejet-news","21":"tag-spicejet-q400","22":"tag-spicejets-chairman-and-managing-director-ajay-singh"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/74822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=74822"}],"version-history":[{"count":2,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/74822\/revisions"}],"predecessor-version":[{"id":74827,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/74822\/revisions\/74827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/74824"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=74822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=74822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=74822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}