Spirit Airlines deems another 87 leased aircraft as ‘excessive’ in its post-bankruptcy future
Spirit Airlines has already reached an agreement with AerCap to reject 27 aircraft leases.
Spirit Airlines has asked the United States Bankruptcy Court for the Southern District of New York to approve a motion that would enable the low-cost carrier to reject leases for 87 aircraft, deeming that they are excessive.
In filings on October 2, 2025, Spirit Airlines asked the court to allow it to reject leases for 87 aircraft, including 19 Airbus A320ceo, 65 A320neo, and three A321neos. According to Fred Cromer, the Chief Financial Officer (CFO) of Spirit Airlines, a thorough analysis of the airline’s fleet rationalization plan and business and customer needs led the company to decide to shed the 87 leases.
All 87 are currently stored at Phoenix Goodyear Airport (GYR), per the court filing.
Cromer stated that the court’s approval would relieve the low-cost carrier “of unprofitable Leases and of the costs of maintaining and storing several Aircraft that are already out of service,” therefore, making these lease rejections “in the best interest of the estate and that the Court should grant the requested relief.”
To note, planespotters.net records showed that currently, Spirit Airlines has 194 aircraft in its fleet. The company ended Q2 2025 with 215 aircraft, which included 21 aircraft that were “held for sale” on its balance sheet, according to its Q2 2025 filing.
Considering the plan to reject 87 leases from 16 different lessors, as well as the previously announced request to end leases for 27 aircraft, which are owned by AerCap, this could mean that Spirit Airlines’ fleet would shrink from 215 to 101 Airbus jets.
Rytis Beresnevicius
Cromer’s statement read that – unlike during its first Chapter 11 restructuring – the company intends to use the bankruptcy to “lighten its balance sheet by shedding billions of dollars of liabilities.”
“Spirit is committed to redesigning its network to focus its flying on key markets to provide more destinations, frequencies, and enhanced connectivity in certain of its focus cities, while simultaneously reducing its presence in certain other cities.”
However, to do so, Spirit Airlines must right-size its fleet, resulting in not only capacity having to match demand but also lowering the company’s obligations. The CFO said that the airline has already taken out aircraft that it had deemed unnecessary for operations.
“Spirit entered into the leases and related agreements in a different economic climate than the one facing Spirit’s industry today, and such excess [aircraft are] not necessary for Spirit’s revised business plan.”
If the court approves the rejection of the 87 leases, then the airline would have enough aircraft to operate and meet its customers’ needs, Cromer concluded, noting that “procedures proposed in the Motion create a reasonable, cost-effective, and orderly process for the nearly contemporaneous return of [the 87 aircraft] and related documentation.”
What Cromer did not mention was Spirit Airlines’ proposal for the court to approve that if an affected lessor does not retrieve or take control of its aircraft from GYR within 15 days after the effective date of the court order, the leasing company would have to cover costs and risks associated with the storage of aircraft on behalf of Spirit Airlines.
“The [87 aircraft] will be made available to the lessor “as is, where is,” and [Spirit Airlines] specifically makes neither representations nor warranties regarding the [87 aircraft].”
Still, the airline promised that to “preserve the value” of the aircraft, it would maintain their current insurance coverage and continue the existing storage maintenance program for at least 15 days after the effective date of the court order, if approved.
Beyond that, however, Spirit Airlines “shall cease insuring and maintaining” any unclaimed aircraft.
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