SpiceJet Settles $24 Million Debt with Credit Suisse: A New Beginning
SpiceJet has completed a $24 million payment to Credit Suisse, settling a longstanding liability. The settlement, agreed upon in May 2022, marked the resolution of a $41.77 million claim. This closure is significant for SpiceJet as it continues to address legacy issues. The airline faced a net loss earlier due to maintenance expenses and low travel demand.
- Country:
- India
SpiceJet has successfully paid off its $24 million debt to Credit Suisse, effectively settling an agreement reached in May 2022.
This settlement with Credit Suisse, once amounting to $41.77 million, resolves a liability that existed before the airline's current promoter took over, related to previous commercial commitments.
The airline recently reported a net loss attributable to expenses from grounded aircraft and decreased leisure travel demand.
(With inputs from agencies.)
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