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Aircraft lessor Genesis to take $4-M worth stake in budget carrier SpiceJet as part of dispute settl

Business Line  

Dublin, Ireland-headquartered aircraft lessor Genesis will acquire a stake worth USD 4 million in the budget airline SpiceJet as a part of settling a more than USD 16 million dispute. The airline will also pay USD 6 million to Genesis as part of the settlement.Both parties have agreed to withdraw all ongoing litigations and disputes related to this matter.Earlier, the airline had settled disputes with various other lessors, including Horizon Aviation, Engine Lease Finance Corporation, Aircastle, Wilmington Trust SP, Shannon Engine Support Ltd and Export Development Canada.