SpiceJet settles liabilities dispute with lessor NAC

Indian low-cost carrier SpiceJet on Wednesday said it has settled a dispute on unpaid dues with lessor Nordic Aviation Capital (NAC), with three repossessed aircraft returning to its fleet.

Indian low-cost carrier SpiceJet on Wednesday said it has settled a dispute on unpaid dues with lessor Nordic Aviation Capital (NAC), with three repossessed aircraft returning to its fleet.

The airline, which currently operates five Bombardier Q400 aircraft from NAC in its fleet, said the agreement settles all past liabilities for the Q400s.

The Indian carrier has been scrambling to raise funds amid a string of quarterly losses, compounded by some lessors taking the airline to court to settle unpaid dues and requesting the country's aviation regulator to de-register their planes.

Shares of the company rose as much as 5.5% in their biggest intraday percentage rise since June 9.

Earlier this month, SpiceJet said lessor FTAI Aviation would lease it up to 20 engines as it looked to restore its fleet.

The carrier said last month it has begun to revive 25 of its grounded fleet using its own money and a $50 million line of credit through an Indian government scheme it secured.