SpiceJet Clears $24 Million Debt Owed to Credit Suisse

SpiceJet has completed the full payment of US$24 million to Credit Suisse, thereby fulfilling in entirety the terms of the settlement agreement signed between the two parties in May 2022.

This settlement marks the closure of a long-standing liability that pre-dates the tenure of the airline’s current promoter. The successful completion underscores SpiceJet’s commitment to honouring its financial obligations, while strengthening its balance sheet, improving financial stability, and creating long-term value for stakeholders.

Debojo Maharshi, Chief Business Officer, SpiceJet, said: “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.”

At the time of the settlement agreement in May 2022, the total claim of Credit Suisse/SR Technics stood at US$41.77 million, which the parties agreed to resolve for US$24 million under a structured payment plan.

The liability, linked to legacy commercial arrangements, originated before the airline’s current promoter took charge. With this final settlement, SpiceJet has successfully eliminated a long-standing financial overhang, further reinforcing its turnaround journey.

The airline continues to take decisive steps to bolster its financial position, including successful fund-raising initiatives, settlements with key lessors and creditors, and the strategic expansion of its fleet and network.