March 13, 2026 — Dania Beach, Fla. Spirit Airlines announced it has entered into a Restructuring Support Agreement (RSA) with its debtor-in-possession (DIP) lenders and secured noteholders and filed a Chapter 11 Plan of Reorganization in the U.S. Bankruptcy Court for the Southern District of New York to address financial challenges and emerge from bankruptcy by early summer 2026.
The Spirit Airlines Announces Restructuring Support Agreement and Plan of Reorganization filing marks a key milestone, reducing debt and lease obligations from $7.4 billion pre-filing to approximately $2 billion post-emergence, according to the company’s official release.
Restructuring Details
Under the plan, Spirit will rightsize its fleet to 76-80 Airbus A320/321ceo aircraft by the third quarter of 2026, down from a pre-bankruptcy size of about 214 planes, as reported by Reuters. The optimized network will prioritize key hubs including Fort Lauderdale-Hollywood International Airport (FLL), Orlando International Airport (MCO), Detroit Metropolitan Wayne County Airport (DTW), and New York City-area airports such as Newark Liberty International (EWR) and LaGuardia (LGA), with increased utilization on peak days and reduced off-peak flying.
The airline plans to expand premium offerings, including a third row of Big Front Seat and continued rollout of Premium Economy seating.
Financial and Operational Impact
Post-emergence, Spirit anticipates a leaner cost structure to maintain its position as a value carrier. Operations will continue normally during the process, allowing customers to book flights, travel, and use tickets, credits, and loyalty points without interruption, per the press release.
Court filings, including the Plan (Docket #848) and RSA notice (Docket #849), are available via the bankruptcy docket and Spirit’s restructuring website.
Executive Commentary
Spirit President and CEO Dave Davis highlighted the lender support in the Spirit Airlines Announces Restructuring Support Agreement and Plan of Reorganization statement:
We are pleased to achieve another milestone that reflects the confidence our lenders and noteholders have in our future, with our plan better positioning Spirit to continue delivering value to American consumers. While we still have work to do with other important stakeholders, today’s agreements and filings are very material steps forward toward emergence. I also want to thank our Team Members and Guests for their support as we work together to build a stronger Spirit.
The Spirit Airlines Announces Restructuring Support Agreement and Plan of Reorganization initiative follows earlier fleet reductions, with the current operating fleet at 114 aircraft after rejecting leases for about 100 planes. Future aircraft additions are planned between 2027 and 2030 based on profitable growth.
Secondary coverage from outlets like The Bulkhead Seat and eTurboNews echoed the early summer emergence target.