Spirit Aviation enters $475M DIP facility, AerCap settlement during Chapter 11

Spirit Aviation Holdings, Inc.

Bankruptcy Court approved $475M DIP facility; $200M funded immediately, up to $275M in subsequent tranches, maturing July 14, 2026.
AerCap settlement: assumes 10 leases, rejects 27, enters 30 new postpetition leases; AerCap pays $150M liquidity to Debtors.
Common stock delisted from NYSE American, now trades OTC Pink under FLYYQ; holders may face significant or total loss.
DIP loans bear interest at Base Rate+7% or SOFR+8% (both PIK); prepetition noteholders can roll up into DIP facility.
Company to launch exchange offer for prepetition noteholders to participate pro rata as DIP lenders; terms via subscription form.

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