SpiceJet Ltd on Monday said it has completed the full payment of $24 million to Credit Suisse, settling a liability linked to legacy commercial arrangements that pre-dated its current promoter.
The airline and the Swiss lender had agreed on a structured settlement plan in May 2022, reducing an earlier claim of $41.77 million.
The completion of payments brings closure to a long-running dispute that had weighed on the carrier’s balance sheet. SpiceJet said the resolution eliminates a financial overhang as it continues its turnaround efforts.
The development comes days after the airline reported a net loss of ₹234 crore for the April–June quarter, against a profit of ₹158 crore a year earlier.
Also Read: SpiceJet slips into red in Q1 with ₹234-cr loss amid geopolitical turbulence
Revenue from operations fell 34% year-on-year to ₹1,120 crore. However, net worth improved to ₹446 crore compared with a deficit of ₹2,398 crore in the year-ago quarter.
At 2:21 pm, shares of SpiceJet were trading at ₹33.63 on the BSE, down 2.38% after hitting an intraday high of ₹34.45. The airline held a 2% domestic market share in July.
Also Read: Air India CEO: Rate of flight incidents ‘entirely normal’
