Spirit Airlines Reaches Agreement to Secure Liquidity and Reduce Fleet Size
Spirit Aviation Holdings Inc., the parent company of Spirit Airlines, has reached a preliminary agreement with AerCap Ireland Ltd, its largest aircraft lessor, according to a Bloomberg report. The deal will allow the airline to return aircraft currently on the ground, reduce an order for new aircraft, and receive cash to support its reorganization process.
This marks the first significant agreement the company has secured since filing for bankruptcy in late August. Although Spirit did not disclose the amount of money it will receive or the number of aircraft involved, the transaction must be approved by the federal judge overseeing the insolvency case.
A Key Lessor in the Operation
AerCap leases 166 aircraft to Spirit, several of which are out of service. Negotiations with this partner are crucial to the airline’s strategy to right-size its operations and maintain viability.
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Bankruptcy and its Background
On August 29, Spirit filed for bankruptcy for the second time in less than a year, after failing to stabilize its fragile financial situation. In its first restructuring, the company had reduced approximately $795 million in debt, but without addressing operational challenges such as fleet size and high labor costs.
Ongoing Workforce Adjustments
As part of its cost-cutting plan, Spirit announced that on December 1 it will temporarily furlough approximately 1,800 flight attendants. According to the company, this measure aims to align staffing levels with the reduction in fleet size and projected flight volume.
The situation also involves pilots: the union representing them is reviewing a request from the airline for $100 million in concessions.
Court Proceeding
The case is being processed in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), under case number Spirit Aviation Holdings, Inc., 25-11897. The court will define the next steps that will shape the future of the company in a highly competitive airline market.
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