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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.
