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Spirit Airlines Announces Milestone Agreement with Secured Creditors

Spirit Airlines has today announced that they have reached an agreement in principle of key terms of the restructuring support agreement with their secured creditors, marking another key milestone in the airline’s restructuring process.


Spirit Airlines Corporate Headquarters and Campus in Dania Beach, Florida - Courtesy Spirit Airlines
Spirit Airlines Corporate Headquarters and Campus in Dania Beach, Florida - Courtesy Spirit Airlines

On Tuesday (February 24, 2026), Spirit Aviation Holdings, Inc., parent company of Spirt Airlines, announced that Spirit has completed another significant milestone in its restructuring by reaching an agreement in principle on the key terms of a restructuring support agreement with its existing debtor-in-possession (DIP) lenders and secured noteholders.  The agreement in principle will provide Spirit with the financial support needed to finalize their restructuring and complete the changes necessary to optimize the company’s fleet, network and cost structure.  Spirit plans on emerging from Chapter 11 in late spring or early summer 2026 as a strong low-cost, value-driven carrier offering guests basic and premium products at the lowest fares in the sky.


In Monday’s announcement, Spirit Airlines’ President & CEO, Dave Davis, said,


“This agreement in principle is the result of months of hard work and allows Spirit to move toward completing its transformation.  Spirit will emerge as a strong, leaner competitor that is positioned to profitably deliver the value American consumers expect at a price they want to pay.  I am grateful to our Team Members for their dedication and unwavering commitment to our Guests throughout our restructuring.  I also want to thank our Guests for continuing to choose Spirit to connect them to the people and places that matter most.”


As part of the restructuring process, Spirit will align their network and capacity to routes and periods of strongest consumer demand.  This will include higher aircraft utilization during peak days while reducing off-peak flying, as well as the flexibility to adjust to seasonal demand across markets.  The carrier will also expand their Spirit First and Premium Economy offerings, maintaining the company’s position as the industry price leader, while focusing on value.  Upon emergence from bankruptcy, Spirit will have further reduced their cost structure, expanding the carrier’s cost advantage compared to legacy and other airlines.  It is expected that Spirit's debt and lease obligations will be reduced from $7.4 billion pre-filing to approximately $2.1 billion post-emergence.


Spirit Airlines is committed to safely delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options.  Spirit serves destinations throughout the U.S., Latin America and the Caribbean with an all-Airbus fleet, connecting travelers with the people and places that matter most.


 

Source:  Spirit Airlines / Cision

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