Spirit Airlines has reached a bankruptcy settlement with aircraft lessor AerCap, cancelling its purchase of 52 Airbus aircraft (plus 10 options) and transferring those orders to AerCap as part of a sweeping fleet and financial restructuring.
Under the agreement, AerCap will inject $150 million into Spirit, retain $9.7 million in cash deposits, and hold an unsecured claim of up to $572 million. Spirit will reject 27 existing leases, relinquish rights to 36 undelivered jets, and sign new leases for 30 Airbus A320/A321 aircraft for delivery between 2027 and 2029.
The U.S. Bankruptcy Court approved the deal, which also includes $475 million in new financing from Spirit’s bondholders, with $200 million immediately available. The airline expects the restructuring to cut operating costs by hundreds of millions and improve fleet flexibility.
Industry analysts view the move as part of a broader shift toward leasing over ownership, as airlines seek greater adaptability, cost control, and resilience in a competitive post-pandemic market.