Overview
- Spirit submitted a Restructuring Support Agreement and Plan of Reorganization to the U.S. Bankruptcy Court in New York with backing from DIP lenders and secured noteholders.
- The carrier plans to reduce its fleet to 76–80 Airbus A320/A321ceo aircraft by the third quarter of 2026, roughly one‑third of its pre‑bankruptcy size.
- Debt and lease obligations are expected to fall from $7.4 billion before the filing to about $2 billion after emergence.
- Judge Sean Lane approved bidding procedures for an auction of roughly 20 aircraft, naming CSDS Asset Management as stalking‑horse with a floor price near $530 million and bids due by April 20.
- Counsel said fuel price volatility tied to the Iran conflict has complicated exit talks, as Spirit targets plan confirmation by the end of May or possibly June and refocuses flying on its strongest markets.