Budget airline SpiceJet on Wednesday said that it will reinduct three Q400 aircraft after entering into a settlement agreement with lessor Nordic Aviation Capital (NAC).
Accordingly, the agreement settles all past liabilities for the Q400s leased by NAC to SpiceJet. At present, the airline operates five Q400 aircraft from NAC in its fleet.
“These three planes had been repossessed by the lessor. The induction of the three planes in addition to the fleet revival and restoration program launched by the airline would result in a substantial addition of planes in the SpiceJet fleet in the coming weeks,” the airline said in a statement.
Last month, the budget airline said that it plans to bring four grounded aircraft back into service by June 15, following which more such planes are expected to become operational in the following weeks.
As of now, the airline has some 25 grounded aircraft.
Besides, the budget airline plans to lease up to twenty engines for re-activation of its grounded fleet over the next 2-3 months.
The airline has partnered with aftermarket provider of engine services FTAI Aviation on a ‘CFM56’ revitalization program. The ‘CFM56’ is a engine type that powers SpiceJet’s Boeing 737 aircraft.
It is banking on funds drawn from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals for the aircraft revival plan.
The airline has already mobilised around Rs 4 billion towards getting its grounded fleet back in the air.
