Indian low-cost carrier SpiceJet SPJT.BO said on Wednesday it had settled a dispute over unpaid fees with lessor Nordic Aviation Capital (NAC), with three withdrawn planes returning to its fleet.
The airline, which currently operates five Bombardier Q400 aircraft from NAC in its fleet, said the deal clears all past commitments for the Q400.
The Indian carrier has been struggling to raise funds amid a string of quarterly losses, compounded by some lessors taking the airline to court to settle unpaid dues and asking the country’s civil aviation authority to deregister their planes. The company’s shares rose as much as 5.5%, the biggest intraday percentage gain since June 9.
Earlier this month, SpiceJet said lessor FTAI Aviation FTAI.O would lease up to 20 engines as it looks to renew its fleet.
The carrier said last month that it had begun reviving 25 of its grounded fleets using its own money and a $50 million credit line through an Indian government scheme it secured.
