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Spirit Airlines Announces Significant Progress Toward A Successful Restructuring; Obtained Immediate Interim Access To $120M Of Liquidity; Negotiated A Multi-Tranche Dip Financing Facility Of Up To $475M From Its Existing Bondholders; Negotiated Agreement With AerCap Ireland Limited, That Will Accelerate Co's Fleet Optimization Strategy; To Reject Leases On 27 Aircraft, To Reduce Operating Costs By Hundreds Of Mlns Of Dollars; Under Agreement, AerCap To Pay Spirit $150M

Author: Benzinga Newsdesk | September 30, 2025 03:08pm

Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC ("Spirit" or the "Company"), continues to advance the Company's transformation to position the airline for the future. At a hearing today before the U.S. Bankruptcy Court for the Southern District of New York (the "Court"), Spirit announced significant progress in its ongoing Chapter 11 restructuring, including:

  • The Company has negotiated a multi-tranche debtor-in-possession ("DIP") financing facility of up to $475 million from its existing bondholders that will provide Spirit with additional financial flexibility to support normal business operations during its restructuring. The DIP financing is subject to Court approval, with a hearing scheduled for Oct. 10, 2025. $200 million is expected to be available immediately upon Court approval.
  • As part of its motion for the use of cash collateral, the Company obtained immediate interim access to $120 million of liquidity. 
  • Spirit has negotiated an agreement with AerCap Ireland Limited ("AerCap"), its largest aircraft lessor, that will accelerate the Company's fleet optimization strategy. Under the agreement, AerCap will pay Spirit $150 million. Additionally, Spirit will reject leases on 27 aircraft, allowing the Company to reduce operating costs by hundreds of millions of dollars. The proposed agreement also resolves all claims and disputes between AerCap and Spirit and provides for the future delivery of 30 aircraft. The agreement is subject to Court approval and will be considered at the Oct. 10 hearing. 
  • In line with the Company's network adjustments announced in recent weeks, the Court approved Spirit's motion to reject 12 airport leases and 19 ground handling agreements, yet another important step forward in cost and network rationalization. 
  • Active discussions with key stakeholders continue. The Company expects to announce agreements with additional lessors, including new liquidity and further fleet rationalization, as a part of the rightsizing of the business that will generate significant cost savings.
  • Spirit also has engaged with its principal labor unions to identify cost savings within the respective collective bargaining agreements.

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