Spirit’s November 18, 2024 Chapter 11 restructuring reached emergence on March 12, 2025, and all five cases were closed by November 20, 2025, when the court entered the final decree for the remaining affiliate Dkt. 64. The decree directed final claims-register delivery, termination of Epiq’s services and payment of outstanding U.S. Trustee fees.

Spirit Airlines’ November 18, 2024 Chapter 11 case was closed on March 27, 2025 under the first final decree Dkt. 546, following emergence on March 12, 2025 as reported in the effective-date notice Dkt. 533. Three other affiliate cases were closed at the same time, leaving Spirit Finance Cayman 1 Ltd. open for post-confirmation administration. The November 20, 2025 final decree Dkt. 64 closed that last case, directed delivery of the final claims register and termination of Epiq’s services, and waived outstanding reporting obligations.

Spirit entered Chapter 11 with a negotiated restructuring supported by stakeholders holding approximately 80% of the debt targeted for restructuring. In his first-day declaration Dkt. 2, CFO Fred Cromer attributed the airline’s financial pressure to pandemic effects, excess industry capacity and competition, the January 2024 blocking of its proposed JetBlue merger, and Pratt & Whitney engine recalls. The restructuring sought to preserve airline operations while reducing debt and raising new equity capital.

The court’s December 18, 2024 final financing order Dkt. 257 authorized a $300 million senior secured, superpriority DIP facility and use of cash collateral. The same day, the court entered an aircraft-sale order Dkt. 255 authorizing Spirit to perform its sale agreement with GA Telesis and sell aircraft free and clear of encumbrances, with liens transferring to the proceeds.

The February 20, 2025 confirmation order Dkt. 500 approved a debt-for-equity reorganization, an equity rights offering and exit financing. The plan provided senior secured noteholders with new equity, $700 million of exit secured notes and subscription rights, and convertible noteholders with new equity, $140 million of exit secured notes and subscription rights. It required cash repayment of the DIP facility and prepetition revolving-credit claims at effectiveness, reinstated general unsecured claims for payment in the ordinary course, and cancelled existing equity without a distribution. Collective bargaining agreements were assumed, and aircraft leases and financings subject to Section 1110 were assumed or reinstated.

Spirit subsequently commenced a separate Chapter 11 proceeding on August 29, 2025, under Spirit Aviation Holdings, Inc..

Spirit’s November 18, 2024 Chapter 11 restructuring reached emergence on March 12, 2025, and all five cases were closed by November 20, 2025, when the court entered the final decree for the remaining affiliate Dkt. 64. The decree directed final claims-register delivery, termination of Epiq’s services and payment of outstanding U.S. Trustee fees.

Spirit Airlines’ November 18, 2024 Chapter 11 case was closed on March 27, 2025 under the first final decree Dkt. 546, following emergence on March 12, 2025 as reported in the effective-date notice Dkt. 533. Three other affiliate cases were closed at the same time, leaving Spirit Finance Cayman 1 Ltd. open for post-confirmation administration. The November 20, 2025 final decree Dkt. 64 closed that last case, directed delivery of the final claims register and termination of Epiq’s services, and waived outstanding reporting obligations.

Spirit entered Chapter 11 with a negotiated restructuring supported by stakeholders holding approximately 80% of the debt targeted for restructuring. In his first-day declaration Dkt. 2, CFO Fred Cromer attributed the airline’s financial pressure to pandemic effects, excess industry capacity and competition, the January 2024 blocking of its proposed JetBlue merger, and Pratt & Whitney engine recalls. The restructuring sought to preserve airline operations while reducing debt and raising new equity capital.

The court’s December 18, 2024 final financing order Dkt. 257 authorized a $300 million senior secured, superpriority DIP facility and use of cash collateral. The same day, the court entered an aircraft-sale order Dkt. 255 authorizing Spirit to perform its sale agreement with GA Telesis and sell aircraft free and clear of encumbrances, with liens transferring to the proceeds.

The February 20, 2025 confirmation order Dkt. 500 approved a debt-for-equity reorganization, an equity rights offering and exit financing. The plan provided senior secured noteholders with new equity, $700 million of exit secured notes and subscription rights, and convertible noteholders with new equity, $140 million of exit secured notes and subscription rights. It required cash repayment of the DIP facility and prepetition revolving-credit claims at effectiveness, reinstated general unsecured claims for payment in the ordinary course, and cancelled existing equity without a distribution. Collective bargaining agreements were assumed, and aircraft leases and financings subject to Section 1110 were assumed or reinstated.

Spirit subsequently commenced a separate Chapter 11 proceeding on August 29, 2025, under Spirit Aviation Holdings, Inc..