SpiceJet shares fly 7% higher on liability settlement deal with Nordic Aviation

The agreement between the two settles all past liabilities for the Q400s leased by NAC to SpiceJet.

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Shares of SpiceJet jumped 7 percent on June 21 after it entered into a settlement agreement with Nordic Aviation Capital (NAC), which has been a major lessor for the airline’s Q400 aircraft.

The agreement between the two settles all past liabilities for the Q400s leased by NAC to SpiceJet. As of today, the airline operates five Q400 aircraft from NAC in its fleet.

At 1:24pm, shares of SpiceJet were up 4.4 percent at Rs 28.7 on the BSE. The stock is down 16 percent in the past three months, and has fallen about 30 percent in the past one year.

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The stock was trading with volumes of 3,798,795 shares so far today, as compared with its five day average of 757,870 shares, which means an increase of 401 percent.

SpiceJet has reportedly been facing trouble with its lessors with as many as 25 out of its 76 planes being grounded as of May.

Market participants had said that around 43 percent of the airline’s fleet was grounded which was primarily due to non-payment of lease rentals and supply chain crunch, restricting aircrafts from visiting the shop floor.

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