Spirit Aviation Holdings, the parent company of ultra-low-cost carrier Spirit Airlines, has posted a financial recovery statement with the US Securities and Exchange Commission.
The company filed for Chapter 11 protection on 18 November 2024. Unlike Chapter 7 (bankruptcy), Chapter 11 is a means for U.S. companies to avoid liquidation and protect their assets while they attempt to restructure their debts.
Having emerged from Chapter 11 protection on 31 March 2025, Spirit has made a financial improvement year on year. In Q1 2024, Spirit reported a net loss of USD 142.6 million. In Q1 this year, however, Spirit reported a net profit of USD 61.3 million.
Despite recent profits, Spirit has a heavy debt burden, with 146 of its aircraft financed under operating leases (whose terms expire between 2026 and 2043).
As of March 31, 2025, Spirit Airlines’ total future payments on contractual obligations amount to approximately USD 14.85 billion, of which USD 6 billion is due before 2030.
Finance and operating lease obligations total USD 7.66 billion, representing over half of the total contractual payments.
Part of this total debt is scheduled to be reduced by the sale of assets, most notably, 21 aircraft valued at the expected net price of USD 447.6 million (as of March 2025).
Spirit Airlines has debts of USD 14.85 billion.
