Overview

• Spirit filed its second Chapter 11 petition on Aug. 29 in the Southern District of New York, less than a year after its first case.
• The airline says flights, bookings, tickets, credits and loyalty points remain valid, with employees, contractors, vendors and suppliers continuing to be paid.
• The plan calls for a redesigned network with exits from some markets, a right-sized fleet and deeper cost cuts that Spirit says could save hundreds of millions of dollars annually.
• The move follows mounting pressure including an SEC “going concern” warning, a full draw of a $275 million revolver and a second‑quarter net loss exceeding $200 million.
• Spirit says it is working with key lessors and secured noteholders; some lessors have recently gauged rivals’ interest in Spirit aircraft, and the company expects its stock to be delisted with shares likely canceled in the restructuring.