SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), the airline announced via a release on June 21. Nordic Aviation has been a major lessor for the airline's Q400 aircraft.
The agreement between the airline and the aviation company settles all past liabilities for the Q400s leased by NAC to SpiceJet, the release said. As of today, the airline operates five Q400 aircraft from NAC in its fleet.
The budget airline also announced that three additional Q400 aircraft will also be inducted into the fleet. These planes had been repossessed by the NAC. SpiceJet aims to achieve a major restoration of its fleet with the induction of the three planes.