Spirit Aviation Holdings the parent of Spirit Airlines has revealed a restructuring agreement and its Chapter 11 plan of reorganisation with the US Bankruptcy Court for the Southern District of New York.
The company intends to adjust its fleet to a maximum of 76 to 80 aircraft by the third quarter of 2026 primarily consisting of A320 200s and A321 200s.
When the company filed for this second Chapter 11 bankruptcy process in 2025 it had a fleet of 214 aircraft which has already been reduced to 125 with further cuts expected by rejecting existing leases and by auctioning 20 owned aircraft from which it aims to raise at least 530m dollars.
Under the proposed restructuring Spirit debt and lease obligations are expected to be reduced to about 2bn dollars from 7.4bn dollars before the filing.
Spirit Airlines anticipates adding aircraft once again between 2027 and 2030 commensurate with profitable growth opportunities and plans to continue aligning its network with consumer demand and focus on its strongest routes and markets including Fort Lauderdale International Orlando International Detroit Metropolitan New York Newark and New York La Guardia.
Dave Davis shared “We are pleased to achieve another milestone that reflects the confidence our lenders and noteholders have in our future with our plan better positioning Spirit to continue delivering value to American consumers.”
