Spirit Airlines has reached a restructuring support agreement with lenders.
The deal paves the way for exit from Chapter 11 in late spring or early summer 2026. Optimisation plans included fleet, network and cost structure changes. Debt and lease obligations have been reduced from $7.4bn to $2.1bn. Further fleet cuts involved potential rejection of high-cost A320neo aircraft.
In October 2025, Spirit Airlines secured a critical restructuring deal with its largest lessor, Dublin-based AerCap, as part of its Chapter 11 bankruptcy proceedings. The deal allows Spirit to reduce its fleet, obtain liquidity, and restructure its debt.
Under the deal AerCap will provide $150m in liquidity to support Spirit during its restructuring. Spirit will reject leases on 27 of its existing Airbus A320/A321 aircraft and Spirit is transferring its order for 52 Airbus A320neo and A321neo aircraft (plus 10 options) to AerCap. AerCap will supply 30 new A320/A321neo aircraft, with deliveries split across 2027, 2028, and 2029.
AerCap was permitted to file an unsecured claim of up to $572m against Spirit.
