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Bankruptcy court approves initial sale of five Spirit Airlines Airbus A320s

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Bankruptcy court approves initial sale of five Spirit Airlines Airbus A320s
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The United States Bankruptcy Court for the Southern District of New York has approved Spirit Airlines' plan to sell five Airbus A320ceo aircraft to GA Telesis. This decision is part of a larger agreement between the two companies, involving the sale of 23 A320ceo and A321ceo aircraft.

The court's decision, made on November 27, follows a review of documents related to Spirit Airlines' Chapter 11 proceedings. The court stated that the sale "represents a sound exercise of the Debtor’s [Spirit Airlines – ed. note] business judgment, and is in the best interests of the Debtor, its creditors, its estate, and all other parties in interest." The court also noted that immediate relief was necessary to prevent harm to Spirit Airlines and its estate.

While this initial sale has been approved, any further transactions between Spirit Airlines and GA Telesis will require additional approval from the US Bankruptcy Court for the Southern District of New York. Creditors with claims against these aircraft may release their claims following each transaction's closing date.

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A final hearing regarding this matter is scheduled for December 17. If no objections are raised by then, final approval for the transaction will be granted.

In October, Spirit Airlines announced an agreement with GA Telesis for selling these aircraft at $519 million. This deal is expected to improve Spirit's liquidity by $225 million through 2025 after discharging any related debt.

GA Telesis highlighted that this purchase marks its largest acquisition of non-leased aircraft. The planes were originally delivered to Spirit between 2014 and 2019. Some have already been moved from active service; one such plane flew from Fort Lauderdale-Hollywood International Airport to Phoenix Goodyear Airport on October 18.

Spirit Airlines filed for voluntary Chapter 11 bankruptcy on November 18. The airline has secured a restructuring support agreement (RSA) with most creditors and aims to transition into a more premium airline targeting leisure travelers while maintaining cost leadership in the US market.

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