India's SpiceJet says agrees settlement with one of its lessors

[NEW DELHI] India's SpiceJet Ltd said that one of its aircraft lessors had agreed to end court proceedings that threatened to ground some of the budget carrier's aircraft, after the two sides reached a settlement.

SpiceJet said Wilmington Trust SP Services (Dublin) Ltd had agreed to withdraw the process of deregistering the aircraft, subject to SpiceJet satisfying the terms of the settlement, according to a company statement to the stock exchange on Monday.

The Indian carrier, which was on the verge of collapse in December after running out of cash to pay its creditors, said on Friday it expected to resolve the disputes with two of its lessors.

The Delhi High Court had on Thursday ordered the country's aviation regulator to de-register six SpiceJet aircraft belonging to two lessors.

REUTERS