Spirit Airlines has asked the court to approve the sale of 20 aircraft, which includes Airbus A320ceo and A321ceos, for over $533 million as it looks to raise cash. All of the aircraft, previously included in a now-failed sale to GA Telesis, will be sold to CSDS Asset Management.
Raising at least $533.5 million
In court filings published on February 11, 2026, Spirit Airlines disclosed that it will be selling 20 A320ceo family aircraft, 13 A320ceo and seven A321ceos, to CSDS Asset Management, for $533.5 million.
However, since the aircraft will be sold through the stalking horse method, CSDS Asset Management could still be outbid by third parties, potentially leading the carrier to raise even more cash for the A320ceos.
Spirit Airlines asked the court to schedule the auction for April 20, with the sale-related hearing occurring three days later. The airline detailed that since it filed for its second Chapter 11 bankruptcy in August 2025, it owns 48 aircraft, 36 of which are used in its active operations.
While the 12 “are in advanced stages of refurbishment and reactivation,” Spirit Airlines is “actively marketing 20 of these 48 aircraft” to optimize its fleet and monetize its assets to improve the company’s financial position, the filing read.
“The removal of the aircraft from the fleet also significantly reduces related labor, maintenance, storage, flying, and other costs associated with each aircraft,” Spirit Airlines’ counsel said, adding that the 20 aircraft are “subject to an existing financing.”
Selling them will eliminate “a significant debt service burden, as part of the sale proceeds will be used to pay off these debts in full to release the associated liens on the aircraft.”
“[…] upon the sale of the aircraft and the eventual return of certain interim leased aircraft, Spirit’s revitalized fleet will be comprised of 28 owned aircraft and 66 leased aircraft, with the leased aircraft having the benefit of restructured agreements with more favorable terms than operating the owned aircraft.”
Rytis Beresnevicius
Actively marketing aircraft
In a motion supporting the sale of the 20 A320ceo and A321ceo jets, Fred Cromer, the Chief Financial Officer (CFO) of Spirit Airlines, explained that during the second half of 2024, the low-cost carrier “conducted a multi-round aircraft marketing process exploring potential sale-leaseback financings and outright sale opportunities for the aircraft.”
After approaching around “a dozen” potential suitors, the airline determined that an outright sale of 23 aircraft to GA Telesis was its best option. However, while some aircraft were handed over to GA Telesis, “the purchase and sale obligations under the [GA Telesis] sale agreement have since terminated in accordance with their terms.”
“Thereafter, Spirit refocused its attention to explore opportunities to expeditiously monetize the aircraft and conducted a further fulsome marketing process.”
Cromer continued that CSDS Asset Management’s offer is “the best” and is in the best interest of Spirit Airlines.
“The expected execution benefits from placing all aircraft with a single buyer were among the key factors Spirit considered in determining to pursue the sale of the aircraft in the manner set forth in the Sale Motion.”
According to the CFO, the bid protections provided to the buyer, namely the break-up fee, “will earn at least the Purchase Price agreed.” If CSDS Asset Management had not bid on the aircraft, Spirit Airlines might not receive higher bids that, “absent such a floor, might not otherwise be realized.”
Expiring sales agreement
The aforementioned sale of 23 A320ceo and A321ceo aircraft to GA Telesis was announced on October 24, 2024, with the asset manager paying the airline $519 million for the single-aisle jets.
In December 2024, the US Bankruptcy Court for the Southern District of New York approved the transaction when Spirit Airlines first filed for a court-protected restructuring, but it fell through by Q3 2025.
According to that quarter’s financial report, the “original sales agreement for these aircraft expired during the third quarter of 2025,” with Spirit Airlines reassessing the classification of the remaining 20 aircraft from assets held-for-sale to assets that are held and used.
Compared to the GA Telesis purchase agreement, the only manufacturer serial numbers (MSNs) not present in the sale contract with CSDS Asset Management are 6331, an A320ceo, registered as N632NK, 6672, an A321ceo, registered as N657NK, and 8696, an A320ceo, registered as N695NK.
N657NK and N695NK are now in service with Vietnam-based startup Vietravel Airlines as VN-A129 and VN-A136, while N632NK is due to be delivered to China-based Longjiang Airlines, planespotters.net records show.
Rytis Beresnevicius
