Spirit Aviation Holdings, parent of Spirit Airlines, announced on March 13, 2026, that it filed a Restructuring Support Agreement (RSA) and Plan of Reorganization with the U.S. Bankruptcy Court for the Southern District of New York. This agreement with debtor-in-possession lenders and secured noteholders supports the carrier’s emergence from its second Chapter 11 bankruptcy by early summer 2026.
The plan reduces Spirit’s fleet to 76-80 Airbus A320/321ceo aircraft by Q3 2026, down from prior levels through lease rejections, sales of 20 owned A320-200s and A321-200s, and potential cuts to high-cost A320neos. Network optimization focuses on high-demand routes with higher aircraft utilization on peak days and seasonal adjustments. Debt and lease obligations drop from $7.4 billion pre-filing to approximately $2 billion post-emergence.
Spirit expands premium offerings, including Spirit First with a third row of Big Front Seats and Premium Economy rollout, while maintaining low fares. Prior actions include securing $475 million in debtor-in-possession financing in tranches from October 2025, selling Chicago O’Hare gates to United and American Airlines, furloughing staff, and closing bases.
“We are pleased to achieve another milestone that reflects the confidence our lenders and noteholders have in our future,” said Dave Davis, President and CEO. Operations continue normally, with bookings, tickets, credits, and loyalty points unaffected. The court will review the filings to approve the path forward.