secwatch.observer — SEC 8-K summary
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Issuer:     Spirit Aviation Holdings, Inc. (FLYYQ)
CIK:        0001498710
Form:       8-K
Filed at:   2025-08-29T23:59:59+00:00
Accession:  0000950103-25-011031
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.03, 2.04, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498710/000095010325011031/0000950103-25-011031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498710/000095010325011031/dp233724_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-25-011031

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