SpiceJet has secured 18 737 aircraft, all on wet leases, the Indian airline's SVP (legal) & company secretary Chandan Sand said. The aircraft will join its fleet in the upcoming winter schedule, with deliveries commencing from October.
“This addition will more than double our operational fleet through the peak winter season,” said Sand. “This is the much-needed lift we've been working toward for a long time.”
He added that the company has achieved a “major breakthrough” with its financials. The airline has reached a complete settlement with Carlyle Aviation Partners, which has restructured its legacy obligations and unlocks “significant” liquidity for SpiceJet.
“Under this deal, we've restructured about $121 million of past lease obligations and also unlocked about $79.6 million in maintenance reserves for future aircraft and engine upkeep, plus about $9.9 million in maintenance credits to offset lease costs,” said Sand. “In practical terms, that means SpiceJet now has reserves earmarked to rebuild grounded engines and keep the planes flying. This transaction significantly reduces our liabilities and strengthens our balance sheet.”
Sand described these changes as a “turning point” for the airline, with the team's optimism at record high as it aims to secure sustainable growth.