Overview

• U.S. Bankruptcy Court in New York approved up to $475 million in debtor-in-possession financing for Spirit, with $200 million available immediately.
• The court also cleared a deal with AerCap that provides a $150 million payment to Spirit and allows rejection of 27 aircraft leases.
• The AerCap agreement resolves prior disputes between the companies and enables the future delivery of 30 aircraft.
• Spirit is cutting routes, slashing its fleet, and has said it will furlough about one third of its flight attendants while seeking roughly $100 million in pilot concessions.
• The carrier, in its second Chapter 11 case this year after filing on Aug. 29, previously targeted removing 87 of 214 Airbus jets from its fleet.