Overview

• Spirit drew its entire $275 million revolving credit line, with borrowings maturing Sept. 30, 2026, to bolster near-term liquidity.
• The airline renewed its Elavon/U.S. Bank credit card processing agreement through 2027 and agreed to post $50 million in collateral with up to $3 million in daily holdbacks.
• Moody’s downgraded Spirit to Caa3, citing higher-than-expected cash burn and forecasting more than $500 million of cash burn in 2025.
• The actions follow Spirit’s Aug. 12 going‑concern warning and a net loss of roughly $257 million from its March bankruptcy exit through June, attributed to weak leisure demand and elevated domestic capacity.
• Lessors have sounded out other carriers about taking Spirit’s Airbus jets as the airline cuts capacity, furloughs pilots and explores asset and real estate sales to raise cash.