Spirit Airlines is attempting to reduce its fleet by 40 percent as part of the carriers Chapter 11 Bankruptcy case. The airline is also looking to leave more than a dozen U.S. airports, including Hartford, Connecticut, and Minneapolis.
Spirit, which has 214 aircraft, asked the court to reject 87 of its aircraft leases. During a virtual meeting with creditors this past week, CFO Fred Cromer said, “hundreds of millions of dollars” will be saved, resulting in the ability to “support a much smaller and stronger Spirit Airlines.”
“The motion is subject to court approval, and we continue to engage with key stakeholders, including our lessors, as part of our ongoing restructuring to position Spirit for the future,” the airline said in a statement.
Cromer said that, “While the industry was hopeful at the beginning of 2025 that there would be a rebound, it didn’t happen. That obviously led to the situation that we’re in today.”
Spirit said that it has until October 27th to determine its exact aircraft needs, and it will continue to negotiate with leasing companies until that time.
Previously, Spirit terminated leases on 27 planes from AerCap, which will pay the carrier $150 million as part of the deal.
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