In the midst of its ongoing bankruptcy restructuring, Spirit Airlines received a second round of funding in its credit agreement with senior secured noteholders.
A cash infusion of $50 million is now usable immediately by Spirit. That amount is part of a previously agreed upon sum of $100 million that was set to be dispersed incrementally in three parts.
The remaining amount of the $100 million total is additional conditions relating to the airline’s progress on making a reorganization plan or a strategic transaction. The airline says it is currently assessing both of those possibilities.
"We are grateful to our lenders for continuing to support Spirit's transformation, recognizing all the significant progress our team has made in recent months," said Dave Davis, Spirit's president and CEO. "We continue to provide high-value travel options, which benefit American consumers whether they fly with us or not, and look forward to welcoming our Guests aboard throughout this holiday season and into the future."
The low-cost carrier has made significant strides in its latest round of bankruptcy restructuring proceedings, including the passage of new agreements with flight attendants and pilots, fleet reduction measures, and cutting inefficient routes. Spirit has also introduced a new range of more premium fares and products, including bundled fares and extra legroom seats to capture a larger range of travelers.
This is the second bankruptcy restructuring for the airline over the course of about a year. Spirit also entered bankruptcy negotiations in November 2024 and wrapped up that initial restructuring process in March 2025.
The airline has predicted it can return to operating at a profit by 2027.
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