US EditionSpirit Airlines to cut fleet by almost 100 planes amid bankruptcy restructuring, CFO says
Spirit Airlines will reduce its fleet by nearly 100 planes and cut over a dozen U.S. markets to eliminate unprofitable routes amid Chapter 11 bankruptcy proceedings.
- In a virtual creditors' meeting Friday, Spirit Airlines' CFO Fred Cromer said the airline plans to shrink its fleet by nearly 100 aircraft and filed a motion to reject leases on 87 planes.
- The company filed for Chapter 11 after months of strain while operating 214 planes, with Cromer saying, `Industry overcapacity among low-cost carriers combined with low passenger demand... led the company to bankruptcy.`
- Spirit secured $475 million in debtor-in-possession financing and plans to furlough 270 pilots and 1,800 flight attendants amid restructuring, the company said.
- If approved, the lease rejections would leave Spirit Airlines with about 100 planes, eliminating 114 aircraft pending U.S. Bankruptcy Court approvals at an Oct. 10 hearing in New York.
- The company says right-sizing will cut debt and deliver large savings while redesigning Spirit Airlines' network to focus flying on key markets, Cromer said.
9 Articles
9 Articles
Spirit seeks to cut nearly half of its 214 planes from pre-bankruptcy fleet
Spirit Airlines, as part of its campaign to shrink to profitability, has asked a U.S. Bankruptcy Court for permission to terminate the leases of 87 Airbus jetliners, a move that would cut the South Florida-based carrier’s fleet by about 40%. The Dania Beach-based airline, which has been simultaneously shaving cities from its route network while furloughing hundreds of employees, was operating 214 planes when it filed for Chapter 11 bankruptcy pr…
Spirit Airlines to cut fleet by almost 100 planes amid bankruptcy restructuring, CFO says
Spirit Airlines plans to shrink its fleet by nearly 100 aircraft, nearly half of its fleet, as part of a sweeping bankruptcy restructuring process, CFO Fred Cromer said on Friday during a virtual meeting with creditors.
Spirit Airlines Moves to Slash Fleet by More Than 50% and Lose 114 Planes - The Bulkhead Seat
Spirit Airlines is taking drastic steps to restructure its business as it works through its second Chapter 11 bankruptcy filing in less than a year. The Florida-based low-cost carrier has asked a bankruptcy court for permission to reject leases on 87 planes including 19 Airbus A320ceo, 65 Airbus A320neo, and three Airbus A321neo aircraft. The filing comes just days after Spirit sought to return 27 Airbus A320neo aircraft to AerCap (one of the wo…
Coverage Details
Bias Distribution
- 86% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
