SpiceJet (SG, Delhi International) has secured the ownership of 22 aircraft from their lessors, including nineteen DHC-8-Q400s and three Boeing jets.
The Delhi International-based carrier said in an April 2 Bombay Stock Exchange filing that it had settled all past liabilities for the five Q400s leased from Nordic Aviation Capital, and securing an additional airframe set to arrive shortly in India. By settling these liabilities, “the ownership of these planes has been transferred to SpiceJet,” the company added. Lately, the company has been at odds with several lessors, with some asking India’s National Company Law Tribunal to have SpiceJet declared insolvent this January, ch-aviation reported.
This is the third similar announcement by the company in the last few weeks. On March 26, SpiceJet announced a settlement with Export Development Canada (EDC), securing full ownership of the thirteen EDC-financed Q400 aircraft, resolving liabilities amounting to nearly USD91 million, which were connected to a 2011 loan that saw the airline acquire 15 of the De Havilland Aircraft of Canada turboprops.
Finally, SpiceJet finalised three agreements, including with lessors Cross Ocean Partners and AerCap, through which the airline acquired three Boeing aircraft. The ch-aviation fleets module shows SpiceJet leased one B737-8 from AerCap and one B737-700 from Cross Ocean Partners.
ch-aviation has reached out to SpiceJet for further comment and clarification on the third Boeing jet it has secured ownership of. The Indian carrier recently settled contract disputes with both lessors out of court, resolving a USD11.2 million matter with Cross Ocean Partners and a USD29.9 million dispute with AerCap’s special purpose vehicle Celestial Aviation Services Limited (UK).
By acquiring the Q400s turboprops, refurbishing them and returning them to service, Spice Jet will be able to launch flights on numerous regional and UDAN routes, the company said last month. These settlements have led to savings of INR12.5 billion (USD150 million), the airline said. The troubled company has been restructuring its business lately, including raising new equity through several issuances.
SpiceJet’s fleet comprises 55 in-house aircraft, including five B737-700s, three B737-700(BDSF)s, eight B737-8s, nineteen B737-800s, three B737-900ERs, and twenty-two DHC-8-Q400s. Additionally, it wet-leases eight aircraft, including three B737-8s and one B737-800 from Corendon Airlines and four B737-800s from Corendon Airlines Europe.
