Spirit Aviation Secures Court Approval For $475 Mln DIP Financing And Agreement With AerCap

(RTTNews) - Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, LLC, announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of New York for a multi-tranche debtor-in-possession (DIP) financing facility totaling up to $475 million.

The facility, provided by the Spirit Airlines' existing bondholders, is a key component of Spirit's ongoing Chapter 11 restructuring efforts aimed at strengthening its financial foundation and positioning the airline for long-term success.

As part of the approved financing, $200 million is immediately available to support Spirit's day-to-day operations throughout the restructuring process.

In addition, the Court has approved Spirit's agreement with AerCap Ireland Limited, its largest aircraft lessor. The agreement includes a $150 million payment from AerCap to Spirit, the rejection of 27 aircraft leases, and the full resolution of all outstanding claims and disputes between the two parties. This strategic arrangement is expected to significantly reduce operating costs—by hundreds of millions of dollars—and includes provisions for the future delivery of 30 aircraft.

Spirit noted that it continues to engage with other lessors as part of its broader fleet optimization strategy, reinforcing its commitment to operational efficiency and financial resilience.