Spirit Airlines has emerged from Chapter 11 bankruptcy, with several law firms and companies involved in the restructuring process filing claims for fees and expenses totaling over $33 million. The filings, submitted to the U.S. Bankruptcy Court for the Southern District of New York, cover the period from the start of the bankruptcy on November 18 to its conclusion on March 12.
Ernst & Young is requesting more than $1.5 million in fees and over $35,000 in expenses. Perella Weinberg Partners seeks over $13.9 million for services rendered during the bankruptcy, stating, “Spirit Airlines, as the reorganized debtor, confirmed ‘its consent to the Court’s entry of a final order in connection with this Application.'”
The total claimed fees and expenses by the involved firms and partners amount to $33.26 million. A hearing on these applications is scheduled for April 23, with objections due by April 16.
Spirit Airlines is to go private following an agreement with creditors. The airline reported a significant net loss of $1.2 billion for 2024, despite improvements in total current assets. It concluded the year with $902 million in cash and cash equivalents.
The airline is also set to reduce its fleet by 23 aircraft in 2025 due to a deal with GA Telesis. The sale of the aircraft is expected to enhance its liquidity by about $225 million by the end of 2025.
