BENGALURU, March 26 Reuters Indian budget carrier SpiceJet said on Tuesday it agreed with Export Development Canada EDC to settle liabilities worth around 91 million, allowing it to take ownership of 13 of 15 Bombardier Q400 aircraft financed by the Canadian trade finance agency.

The announcement sent the company39;s shares up 6.5 in afternoon trade.

This settlement marks the biggest breakthrough in SpiceJet39;s financial restructuring efforts to date, the airline said in a statement.

SpiceJet has over the last few months reached settlements with multiple lessors, including Aercap, the world39;s largest aircraft lessor, as the company looks to restore its grounded fleet and return to full capacity.

The settlement is also the latest in a series of costsaving exercises at the cashstrapped airline, which said these would result in savings of 68 million. Last month, it cut jobs saying it would save 12 million annually.

The liabilities were from a loan taken from EDC for the purchase of 15 Q400 aircraft in 2011, the airline said.

SpiceJet did not immediately respond to a request for comment seeking details on the settlement amount or the original loan amount. EDC did not respond to a mail seeking comment outside working hours.

As of March, the airline had an operational fleet of 39 aircraft, mostly Boeing 737s, and a few Bombardier Q400 jets. The airline39;s complete ownership of the Q400 jets would let it launch new flights on regional routes, it said.

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