Spirit Airlines defers Airbus deliveries to 2030-31; furloughs 260 pilots

Spirit Aviation Holdings, Inc.

Amendment defers all aircraft on order from Q2 2025–2026 to 2030–2031; option exercise dates pushed to 2029–2031.
Expected to improve liquidity by approximately $340 million over the next two years.
Pratt & Whitney GTF engine compensation agreement expected to add $150M–$200M in liquidity.
Spirit to furlough ~260 pilots effective September 1, 2024 due to grounded aircraft and deferrals.
Retained Perella Weinberg and Davis Polk as advisors; plans to issue investor update by April 15, 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Spirit Aviation Holdings, Inc. amended Amendment No. 7 with Airbus S.A.S. valued at approximately $340 million (effective 2024-04-03).

Action: amendment
Counterparty: Airbus S.A.S.
Value: approximately $340 million
Effective: 2024-04-03

Exact text from the filing

On April 3, 2024, Spirit Airlines, Inc. (the "Company") entered into Amendment No. 7 (the "Amendment") to the A320 NEO Family Purchase Agreement, dated as of December 20, 2019 (the "Airbus Purchase Agreement") with Airbus S.A.S. ("Airbus").

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Spirit Aviation Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001498710-24-000149

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