secwatch.observer — SEC 8-K summary
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Issuer:     Spirit AeroSystems Holdings, Inc. (—)
CIK:        0001364885
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0001104659-24-050576
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Spirit AeroSystems gets $425M Boeing advance; repayment due by Oct 2024
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- Boeing advances $425M to Spirit (due Apr-May 2024) for rate readiness and quality process enhancements.
- Repayment schedule: $36.6M June 12, $89.5M July 17, $150.6M Aug 14, $134.3M Sep 18, $14M Oct 16.
- Advances accelerate if Spirit defaults on repayment, breaches MOA, or enters insolvency proceedings.
- Spirit must provide Boeing weekly financial info and maintain production rates supporting Boeing's demand.
- MOA triggered by higher inventory, lower cash flows, and FAA limits on Boeing production rate increases.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1364885/000110465924050576/0001104659-24-050576-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1364885/000110465924050576/tm2412451d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-050576

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer