Spirit Airlines Seeks Court Approval To Auction 20 Additional Aircraft
Spirit Airlines has filed a motion with a U.S. bankruptcy court seeking approval to sell 20 additional aircraft as part of its second round of operational downsizing. According to court filings, the airline plans to auction a mixed group of Airbus A320 and A321 aircraft in April. The company expects the sale to generate more than $500 million in proceeds, providing short-term liquidity during its restructuring process.
Asset management firm CSDS has submitted a baseline offer of just over $530 million for the full group of 20 aircraft. If the court approves the process, bidding will open above that level, with competing offers required to start at no less than $550 million. Spirit has previously rejected aircraft leases, reduced routes, exited certain markets, furloughed staff, and reached a new agreement with pilots that includes temporary pay reductions.
