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Spirit Airlines has filed a motion with the United States Bankruptcy Court for the Southern District of New York to expedite a hearing regarding a sale-and-leaseback (SLB) transaction for four Airbus A321neo aircraft. These planes are scheduled for delivery between December 19, 2024, and April 2025.
On December 10, Spirit Airlines sought court approval for this SLB transaction. The court approved the request on December 11 and set a hearing date for December 17. According to Spirit Airlines, "Although [Spirit Airlines believes] that the Aircraft Sale Leaseback Transactions are in the ordinary course of business... [Spirit Airlines has], out of an abundance of caution, sought the Court’s authorization to consummate the Aircraft Sale Leaseback Transactions."
The airline emphasized that completing this transaction is crucial for liquidity. If not completed, Spirit would need to pay tens of millions upfront by December 19 unless Airbus agrees to delay delivery. Currently, Airbus has not consented to such a delay.
