SpiceJet will fully own its six De Havilland Canada Dash 8-400 turboprops formerly leased from Nordic Aviation Capital (NAC), as part of a settlement with the lessor, the latest in a string of resolutions.
The airline says it will take over ownership of an additional Dash 8-400 turboprop from NAC, bringing the ex-NAC fleet to six examples.
“This agreement also heralds immense long-term savings for SpiceJet, liberating the airline from the obligation of regular monthly rentals for these aircraft,” the low-cost operator states.
While SpiceJet does not disclose how much it will save from this agreement, the airline states it will save Rs12.5 billion ($150 million) from a string of major lessor settlements.
The disclosure comes about a week after it settled with Export Development Canada over the ownership of 13 turboprops financed by the agency. That transaction resolved $91 million in liabilities, according to SpiceJet.
On 7 March, it disclosed the resolution of a $49.8 million dispute with Irish lessor Echelon Ireland Madison One, which will see it add two more aircraft to its fleet. It followed similar resolutions with Aercap unit Celestial Aviation and Cross Ocean Partners.
“The timely arrival of the Dash 8-400 aircraft aligns with the upcoming summer schedule, enabling the airline to offer seamless connectivity and enhanced services to passengers during peak travel seasons,” says SpiceJet.
Still, the carrier remains in a shaky financial state. In early March, two senior executives departed, amid reports the airline was looking to shave a significant number of staff to cut costs.
