SpiceJet settles with ELFC, raises $360 million for new aircraft

SpiceJet has resolved its dispute with Engine Lease Finance Corporation (ELFC) on September 24, 2024, after successfully fundraising for new aircraft. The Irish-based lessor had initially claimed $16.7 million with the dispute spawning from the Indian airline failing to pay fees and interest for eight engines on lease. The settlement was for an undisclosed amount, though, the airline said it was “lower than the initial claim”, the company said in a filing on the Bombay Stock Exchange (BSE). “We are pleased to have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate,”