Spirit today announced it has received approval from the U.S. Bankruptcy Court for the Southern District of New York for a multi-tranche debtor-in-possession financing facility of up to $475 million from its existing bondholders. In addition, Spirit has received Court approval for the agreement with AerCap Ireland Limited, its largest aircraft lessor. These approvals mark an important milestone in the Company’s ongoing Chapter 11 restructuring to position Spirit for the future.
The DIP financing will provide Spirit with additional financial flexibility to support normal business operations during its restructuring. Of the total financing, $200 million is immediately available to the Company.
“We are pleased to have reached another significant milestone in our restructuring, which represents continued progress toward securing a successful future for Spirit,” said Dave Davis, President and Chief Executive Officer. “With these approvals in place, we are better equipped to build a stronger airline that delivers unmatched value to American consumers. We thank our stakeholders for their support and the Spirit team for their dedication and resilience during this process.”
