SpiceJet says made full payment of $24 million to Credit Suisse as part of settlement

SpiceJet on Monday said it has completed the full payment of $24 million to Credit Suisse, fulfilling the terms of the settlement reached more than three years ago.

On the date of the execution of the settlement agreement in May 2022, the total claim of Credit Suisse/SR Technics was USD 41.77 million, which the parties agreed to settle for $24 million in a structured payment plan, according to a release.

Credit Suisse is a leading investment bank and financial services provider.

The release said the settlement marks the closure of a long-standing liability that pre-dates the tenure of the airline's current promoter and added that the liability arose before the current promoter took over the airline and was linked to legacy commercial arrangements.

"The completion of this payment is another important step in our continued efforts to put legacy issues firmly behind us. This settlement not only brings closure to an old liability but also demonstrates our resolve and ability to meet commitments despite a challenging operating environment," the airline's Chief Business Officer Debojo Maharshi said.

On September 5, the carrier reported a net loss of ₹238 crore for the three months ended June, saying expenses related to grounded aircraft and subdued leisure travel demand impacted the financials.

Shares of SpiceJet fell 2.90% to ₹33.45 apiece in late afternoon trade on the BSE.