Spirit Airlines to Reduce Fleet by Nearly 100 Aircraft Amid Bankruptcy Restructuring

Spirit Airlines has announced plans to reduce its fleet by nearly 100 aircraft, approximately half of its current 214 planes, as part of a comprehensive restructuring under Chapter 11 bankruptcy protection. The airline has filed a motion with the bankruptcy court to reject leases on 87 Airbus A320-family aircraft, including 19 A320ceos, 65 A320neos, and three A321neos, pending court approval.

This move follows a separate agreement with aircraft leasing company AerCap to return 27 A320neo planes, bringing the total number of aircraft slated for removal to 114. Chief Financial Officer Fred Cromer stated that these lease rejections are expected to save the company "hundreds of millions of dollars" annually.

In addition to fleet reductions, Spirit Airlines plans to exit more than a dozen U.S. airports and has already suspended approximately 40 routes. The airline has also received court approval to reject 12 airport leases and 19 ground handling agreements.

To maintain operations during the restructuring process, Spirit has secured up to $475 million in financing from existing bondholders, with $200 million available immediately upon court approval.

These measures are part of Spirit Airlines' broader strategy to streamline operations and improve financial stability amid ongoing challenges in the aviation industry.