Court puts Spirit assets into a structured sale process
The court approved Spirit’s bidding procedures, moving the case into a court-supervised sale track for three asset pools: LaGuardia Airport slots, campus properties, and other bid assets. The Bidding Procedures Order sets stalking-horse deadlines of June 10 for LGA slots, June 22 for other bid assets, and June 24 for campus properties, with final bids due June 30, July 7, and July 20, respectively.
The sale calendar now creates near-term diligence and objection pressure. Non-campus assets can go to auction on July 10, campus properties on July 24, and sale hearings are scheduled for July 22 and August 4. The order also approves bid protections and assumption-and-assignment procedures, including a July 7 cure objection deadline and sale objection deadlines of July 13 for non-campus assets and July 27 for campus properties. The practical read-through is that value discovery is now concentrated into a July auction window, with counterparties forced to raise cure and assignment issues before the sales are presented for approval.