Spirit Airlines operates as an ultra-low-cost carrier, offering no-frills passenger flights primarily within the United States and to Latin America and the Caribbean. The company has entered Chapter 11 proceedings in New York to restructure its balance sheet. As part of this process, Spirit is arranging up to $475 million in new financing to stabilize operations. It will receive $200 million of that amount immediately after court approval on 10 October and gains instant access to an additional $120 million of liquidity. Spirit also struck a deal with major aircraft lessor AerCap involving a $150 million payment and the return of 27 aircraft, helping trim future lease obligations. The bankruptcy court has approved the termination of twelve airport agreements and nineteen ground-handling contracts, further reducing fixed costs. These measures aim to fortify the airline’s cash position and streamline its fleet as it navigates restructuring.

Total raised

$475M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2025