Overview

• The carrier said existing bondholders agreed to provide up to $475 million in debtor-in-possession financing, with $120 million already available on an interim basis.
• Up to $200 million of the facility could be unlocked after an Oct. 10 court hearing, subject to judicial approval.
• Spirit reached a settlement with AerCap that includes a $150 million payment to the airline and the rejection of leases on 27 Airbus jets, while preserving future delivery of 30 aircraft and resolving disputes between the parties.
• The bankruptcy court approved Spirit’s move to reject 12 airport leases and 19 ground handling agreements as part of its cost and network restructuring.
• Spirit has outlined a roughly 25% capacity pullback with about 40 route cuts and announced furloughs of 1,800 flight attendants and 270 pilots, with ongoing talks continuing with unions and other lessors.