Spirit Airlines files RSA and plan of reorganisation with the US Bankruptcy Court
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Background ✨
Spirit Aviation Holdings’ Chapter 11 process included securing up to USD475 million of debtor-in-possession financing, with USD200 million immediately available and maturity set for 14-Jul-20261 2. It also reached a court-approved deal with AerCap Ireland involving a USD150 million payment, rejection of 27 aircraft leases and provision for future delivery of 30 aircraft2. Spirit later sought to monetise assets, including transferring two Chicago O’Hare gates to American Airlines for USD30 million, while exiting 14 airports and rejecting leases for over 80 aircraft3. Spirit Airlines CFO Fred Cromer said it intended to auction 13 A320ceo and seven A321ceo aircraft, with CSDS Asset Management LLC as stalking horse at USD533.5 million and a potential auction on 20-Apr-20264. Spirit recalled over 500 furloughed pilots on 09-Mar-2026 as it moved towards an agreement in principle on key RSA terms and targeted emergence in late spring or early summer 20265 6.