secwatch.observer — SEC 8-K summary
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Issuer:     Spirit Aviation Holdings, Inc. (FLYYQ)
CIK:        0001498710
Form:       8-K
Filed at:   2026-03-16T23:59:59+00:00
Accession:  0000950103-26-003790
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Spirit enters restructuring support agreement; existing equity to be cancelled
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- RSA signed with holders of 74.6% DIP loans, 71.8% Roll-Up DIP, 60% Prepetition Notes; plan creates 76-aircraft EmergeCo.
- Existing common shares cancelled with no distribution; new equity (100% to Roll-Up DIP holders, 2% to Prepetition Note holders).
- IAE Term Sheet provides up to $140M in credits; Spirit settles ~$13M invoice via cash/credits, retains certain A320neo/ceo fleet.
- Plan milestones: $150M DIP prepayment in 2 days; cash floor $239M then $200M; exit facilities of $275M revolver or $75M term plus $200M revolver.
- Q1 2026 operating margin improved to (5.6%) vs (27.1%) Q1 2025; 76-aircraft plan cuts year-end aircraft debt to $1.4B from $2.3B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498710/000095010326003790/0000950103-26-003790-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498710/000095010326003790/dp243147_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-26-003790

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