This ends a long-standing obligation that existed prior to the current promoter’s tenure, the airline said in its statement.
On September 8, SpiceJet said that it had fully paid $24 million to Credit Suisse, completing the conditions of the settlement agreement that the two parties had agreed in May 2022.
SpiceJet Completes Debt Settlement
According to the statement, SpiceJet’s successful completion of this payment shows that it is committed to fulfilling its financial obligations and that it is working to strengthen its balance sheet, improve financial stability, and generate long-term value for all parties involved.
Credit Suisse owed $41.77 million when the two parties came to an agreement in May 2022. However, as part of the deal, the two reached a settlement of $24 million with a structured payment schedule.
SpiceJet Clears Legacy Dues
“The obligation was associated with old commercial relationships and existed prior to the current promoter taking over the airline. SpiceJet has effectively removed a long-standing financial burden with the completion of the entire settlement, further supporting the company’s recovery path,” SpiceJet said.
The airline went on to say that it is still taking strong action to improve its financial standing, including smart fleet and network development, successful fund-raising campaigns, and settlements with important lessors and creditors.
SpiceJet Clears Legacy Dues
“The completion of this payment is another important milestone in our ongoing efforts to firmly put legacy difficulties behind us,” said Debojo Maharshi, Chief Business Officer of SpiceJet.
This settlement shows our tenacity and capacity to fulfill promises in spite of a difficult operating climate, in addition to providing closure to an old issue. SpiceJet is now financially stronger, more resilient, and entirely focused on growth and profitability.
SpiceJet Reports Wider Loss
SpiceJet’s shares closed 3% down at ₹33.45 per share.
During the day, the stock hit an intraday low of ₹32.60, a 5% drop.
The airline reported a consolidated net loss of ₹233.85 crore in Q1 FY26.
In the same period last year (Q1 FY25), it had posted a net profit of ₹158.3 crore.
September 5, after market hours, saw the announcement of the April–June quarter results.
In Q1 FY26, SpiceJet’s operational revenue dropped 34% year over year to ₹1,120.2 crore.
In Q1 FY25, operational revenue was ₹1,708.2 crore.
Following the results, Elara Capital maintained its ‘Accumulate‘ recommendation but lowered its target price for the company by almost 37% to ₹39 per share. The latest target price points to a potential gain of more than 13% over the closing price.