Spirit Airlines files motions to divest remaining fleet assets
Spirit Airlines filed (04-May-2026) motions with a US bankruptcy court, outlining plans to divest its remaining fleet assets. The LCC requested the court approve a plan rejecting its remaining leases by 08-May-2026. The LCC stated: "The debtors must begin returning aircraft that have significant carrying costs, informing critical vendors of payment, rejecting burdensome contracts that are no longer necessary". Spirit added its fleet is "large and complex and therefore requires special procedures to implement the wind down in an orderly and cost-effective manner in order to maximise the remaining value". [more - Aviation Week]
Background ✨
Spirit Aviation Holdings confirmed Spirit Airlines commenced an immediate wind down, cancelling all services, citing higher oil prices and other pressures, and stating no additional funding was available.1 Spirit’s Chapter 11 plan had targeted a fleet of 76 aircraft by mid Aug-2026, with 65% lower fleet ownership costs and asset sales expected to generate USD220 million to USD360 million in 2Q2026-4Q2026.2