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Spirit Airlines has reached a major settlement with aircraft leasing giant AerCap, rejecting its commitment to purchase 52 Airbus planes and options for 10 more. The deal, approved by the U.S. Bankruptcy Court for the Southern District of New York, transfers those orders to AerCap as part of Spirit’s restructuring efforts under bankruptcy protection.
The dispute between Spirit and AerCap was the catalyst for the airline’s second bankruptcy filing. In August, AerCap abruptly terminated lease agreements for 36 Airbus A320neo family jets scheduled for delivery in 2027–2028 and claimed defaults on 37 aircraft already in operation. Spirit challenged the claims but was forced to seek bankruptcy protection after losing access to a large portion of its fleet.
Under the new agreement, Spirit will reject 27 of its 37 existing aircraft leases. AerCap will retain $9.7 million in security deposits from the canceled leases and has been allowed to file an unsecured claim of up to $572 million against the airline. Spirit will also give up rights to the 36 undelivered aircraft.
As part of the settlement, Spirit will enter new lease agreements with AerCap for 30 Airbus A320 or A321 jets, with deliveries evenly spread across 2027, 2028, and 2029. AerCap will inject $150 million in cash to support Spirit’s reorganization.
Additionally, Spirit received court approval for a debtor-in-possession (DIP) financing facility worth up to $475 million from existing bondholders, with $200 million immediately available. The airline said the deal will help lower its operating costs by hundreds of millions of dollars.
To further streamline operations, Spirit plans to reduce its workforce and fleet size. About 1,800 flight attendants—roughly one-third of its cabin crew—will be furloughed effective December 1. The airline, currently operating 214 aircraft, intends to shrink its fleet by nearly 100 planes to cut expenses and stabilize financially.
This restructuring marks a pivotal moment for Spirit Airlines as it seeks to regain stability and rebuild operations amid mounting financial challenges.
