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Spirit Airlines gets court approval for aircraft sale amid bankruptcy

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Spirit Airlines gets court approval for aircraft sale amid bankruptcy
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Simple Flying | Simple Flying

Spirit Airlines has received approval from the US Bankruptcy Court for the Southern District of New York to proceed with the sale of 23 Airbus A320ceo and A321ceo aircraft to GA Telesis. The decision, announced by GA Telesis on December 18, follows a previous court approval for an initial batch of five aircraft earlier in December.

The transaction is part of Spirit's broader strategy to optimize its fleet and improve liquidity. It involves selling 15 Airbus A320 and eight Airbus A321 aircraft, which will allow Spirit to streamline operations while accelerating restructuring efforts. "The agreement...involves the sale of 15 Airbus A320 and 8 Airbus A321 aircraft to GA Telesis," stated a company spokesperson.

Marc Cho, President of LIFT at GA Telesis, expressed satisfaction with the court's decision. He noted that the collaboration among stakeholders was crucial and emphasized support for Spirit as it navigates Chapter 11 proceedings.

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The transaction was first announced on October 24, with a reported sale price of $519 million, expected to enhance Spirit's liquidity by $225 million by the end of 2025. In related developments, Spirit Airlines is set to execute a sale-and-leaseback deal involving four A321neo aircraft with JSA International.

As part of its bankruptcy reorganization plan disclosed by Darren Klein before a December hearing, Spirit aims to restructure $1.6 billion in debt and reduce its total debt by approximately $795 million. The plan includes offering creditors equity in exchange for debt reduction and raising new common equity through an offering worth $350 million.

The plan also proposes potential changes in management, allowing creditors' representatives to select new board directors. Shareholders have called for an investigation into alleged misconduct by current management during bankruptcy proceedings.

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