2024-10-25 15:04:05 :
Low-cost airline SpiceJet Limited announced on Friday that it had paid a total of $2 million and resolved its ongoing dispute with Shannon Engine Support Limited (SES).
“SpiceJet is pleased to announce that it has successfully resolved its USD 4.5 million dispute with Shannon Engine Support Ltd (SES) for a total amount of USD 2 million,” the airline said in an exchange document.
The dispute settlement agreement between SpiceJet and Shannon Engine Support Ltd was worth $4.5 million, for which the airline paid $2 million, the statement said.
Shares of SpiceJet Ltd fell 4.88% to $Friday at 2:11 p.m. it was 53.41, compared with $The previous market close was 56.15. The company released information about the settlement during market trading hours.
The company also said that the two parties had reached a settlement agreement through “friendly negotiations and chose to resolve the matter out of court.” SpiceJet also said that as per the exchange documents, all ongoing litigation and disputes between the two companies will be withdrawn in appropriate forums.
SpiceJet previous settlement
The airline reached a $4.5 million dispute settlement after signing three financial agreements in recent weeks. SpiceJet announced on October 15 that it had settled a $23.39 million dispute with Ireland’s Aircastle Designated Activity Company and Wilmington Trust SP Services for $5 million.
The airline also entered into a $22.5 million agreement with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd. and Horizon III Aviation 2 Ltd. (managed by Babcock & Brown Aircraft Management) The price settled a $131.85 million dispute. “. According to the filing.
The airline’s third settlement resolves a $16.7 million dispute with Engine Leasing Finance Corporation (ELFC) for a lower amount, according to an official statement, which the airline did not specify.
Mint It was earlier reported that SpiceJet is losing its market share in the Indian aviation industry, falling to 2.3% in August 2024 from 5.6% in January 2024.
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