Aircraft lessor Genesis to buy SpiceJet's stake to settle $16 mn dispute

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth $ 4 million in the airline as part of settling a more than $ 16 million dispute.

For the settlement, the airline will also pay $ 6 million to Genesis.

The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities.

Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums.

In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over $ 16 million dispute.