Low-cost carrier SpiceJet said on Tuesday that it had reached a settlement agreement with Canada’s export credit agency, Export Development Canada (EDC), to clear dues worth $91 million owed by the airline. Under the terms of the agreement, SpiceJet will acquire full ownership of 13 Bombardier Q400 aircraft that were financed by EDC. The liabilities stem from a loan acquired by the airline in 2011 for the procurement of 15 aircraft, 12 of which are currently grounded. The airline said the deal will enable it to “promptly launch flights on numerous regional and UDAN flights”.
