Spirit Airlines files Chapter 11; expects equity cancelled, shares to trade OTC

Spirit Aviation Holdings, Inc.

Filed Chapter 11 petitions on Aug 29, 2025; flights, bookings, and operations continue as normal.
Company expects common stock to be cancelled with no value; shares likely to trade OTC after NYSE American delisting.
Debt acceleration: $856M senior notes, $275M revolver, $636M EETCs, $849M aircraft loans become due; enforcement stayed by bankruptcy.
AerCap asserts default on 36 undelivered aircraft leases ($2.1M termination fee each) and 37 existing leases; Spirit disputes and may litigate.
Retention awards paid to top executives: CEO Davis $2.918M, CFO Cromer $1.185M, COO Bendoraitis $1.132M, GC Canfield $1.082M.

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