Overview

• The company filed a motion to reject leases on 87 Airbus jets, covering A320ceos, A320neos and A321neos, as part of its Chapter 11 restructuring.
• Together with a separate AerCap agreement to return 27 aircraft and receive $150 million, the plan would remove about 114 planes from a 214-jet fleet.
• CFO Fred Cromer told creditors the airline is reducing the fleet by almost 100 aircraft and expects savings in the hundreds of millions of dollars.
• Many of the listed aircraft are already out of service and stored, with an Oct. 16 court hearing set on the motion and proposed surrenders beginning Oct. 27.
• The reset also includes exits from more than a dozen U.S. cities, roughly 40 route suspensions, $475 million in DIP financing commitments, and furloughs of 270 pilots and about 1,800 flight attendants.