Spirit Aviation Holdings, Inc. (FLYYQ): going-concern / distress — 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.

item 1.03 item 2.04 item 5.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Spirit Aviation Holdings, Inc. entered chapter 11 in U.S. Bankruptcy Court for the Southern District of New York (petition 2025-08-29).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the Southern District of New York
Petition: 2025-08-29

Exact text from the filing

On August 29, 2025, Spirit Aviation Holdings, Inc. ("Spirit" or the "Company"), as well as Spirit Airlines, LLC (formerly known as Spirit Airlines, Inc.) ("Spirit Airlines"), Spirit IP Cayman Ltd. ("Brand IP Issuer"), Spirit Loyalty Cayman Ltd. ("Loyalty IP Issuer" and, together with Brand IP Issuer, the "Co-Issuers"), Spirit Finance Cayman 1 Ltd., Spirit Finance Cayman 2 Ltd. each a direct or indirect subsidiary of Spirit, filed a petition under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the Bankruptcy Court (the "Chapter 11 Cases").

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Spirit Aviation Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950103-25-011031

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