DANIA BEACH, Fla. Spirit Airlines has filed a Restructuring Support Agreement and Plan of Reorganization with the U.S. Bankruptcy Court for the Southern District of New York, the company announced March 13, setting a target of emerging from Chapter 11 bankruptcy by early summer.
The filing, supported by the airline’s debtor-in-possession lenders and secured noteholders, outlines the financial framework Spirit says will allow it to exit its second bankruptcy proceeding in less than two years. The carrier entered Chapter 11 protection for the second time in August 2025, months after emerging from an initial bankruptcy filing in November 2024.
Under the plan, Spirit expects to reduce its total debt and lease obligations from $7.4 billion before the filing to approximately $2 billion upon emergence. The airline also intends to shrink its fleet to between 76 and 80 aircraft by the third quarter of 2026, down from a pre-filing count that exceeded 200 planes. The remaining fleet would consist primarily of Airbus A320 and A321ceo aircraft. The company said it anticipates adding aircraft again between 2027 and 2030, contingent on profitable growth.
Spirit said it would concentrate its network on its strongest markets, including Fort Lauderdale, Orlando, Detroit and the New York City area airports at Newark and LaGuardia. The airline also said it plans to expand its Spirit First and Premium Economy cabin products by adding a third row of its Big Front Seat while continuing a broader rollout of premium economy seating.
“We are pleased to achieve another milestone that reflects the confidence our lenders and noteholders have in our future,” said Dave Davis, Spirit’s president and chief executive officer. “While we still have work to do with other important stakeholders, today’s agreements and filings are very material steps forward toward emergence.”
Davis added that customers can continue to book flights, travel and use existing tickets, credits and loyalty points throughout the restructuring process.
Spirit said court filings and additional case information are available at spiritrestructuring.com.
