SpiceJet settles long-standing $24 million liability with Credit Suisse

The liability stems from a 2011 10-year aircraft servicing deal with Swiss firm SR Technics, which transferred its payment recovery rights to Credit Suisse

SpiceJet on Monday announced that it has fully paid the dues worth $24 million to Credit Suisse, completing the terms of a settlement agreement signed between the two parties in May 2022. The payment settles a long-standing liability that predates the tenure of the airline’s current promoter, the low-cost airline said in a BSE filing.

 

“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. SpiceJet today is financially stronger, more resilient, and fully focused on growth and profitability," said Debojo Maharshi, Chief Business Officer of SpiceJet.

 

At the time of the settlement agreement in May 2022, the total claim from Credit Suisse/SR Technics stood at $41.77 million. The parties agreed to settle the liability for $24 million through a structured payment plan. The liability arose from a 2011 agreement under which SpiceJet had entered into a 10-year contract with Swiss maintenance firm SR Technics for aircraft servicing. In 2012, SR Technics transferred its right to recover the payment for maintenance to Credit Suisse.

 

SpiceJet Q1 result

 

SpiceJet’s consolidated net loss widened to ₹236.6 crore in the first quarter of the financial year 2025-26 (Q1 FY26), affected by grounded aircraft awaiting maintenance, airspace restrictions, and subdued passenger demand. The airline had posted a consolidated net profit of ₹158.6 crore in the same quarter of last year.

 

Its revenue from operations fell 35 per cent to ₹1,106 crore from ₹1,695 crore during the quarter.

 

Shares of SpiceJet closed at ₹33.55 each on the BSE on Monday following the announcement that the airline had cleared its dues.