Spirit is seeking court approval to reject leases covering 87 aircraft as part of its ongoing Chapter 11 restructuring, according to filings in the U.S. Bankruptcy Court for the Southern District of New York this week.
In a declaration, Spirit’s Chief Financial Officer Fred Cromer said the airline’s analysis showed that the aircraft — referred to in the filings as “Excess Equipment” — are no longer necessary for the carrier’s revised business plan.
“Rejecting these leases, which together amount to the leases on 87 aircraft, will relieve Spirit of the burden of unprofitable leases and of the costs of maintaining and storing several aircraft that are already out of service,” Cromer stated.
The 87 aircraft represent nearly 41% of the ultra-low-cost carrier’s total fleet. Spirit currently has around 200 Airbus A320-series aircraft.
The filing, made on Thursday, requests authorization to reject equipment leases under Section 365 of the U.S. Bankruptcy Code. Affected aircraft include A320s, A320neos, and A321neos. Court documents note that many of the aircraft listed have already been removed from active service and are being stored at facilities such as Phoenix Goodyear Airport in Arizona.
The airline entered Chapter 11 protection on Aug. 29 for the second time in less than a year. The proposed lease rejections will “materially lower Spirit’s debt and lease obligations and realize hundreds of millions of dollars in annual operating savings,” it said.
Of the 87 aircraft slated for rejection, the majority are A320neos, totaling more than 65 jets. Spirit is also seeking to shed a significant number of current-engine-option A320 aircraft, with 19 listed in the filing. The plan further includes three A321neo aircraft.
Lease Restructuring
In addition to cutting aircraft, Spirit is pursuing broader restructuring agreements with major lessors. A separate filing outlines a restructuring framework with AerCap covering 27 aircraft, with Spirit describing the deal as a cornerstone of its “go-forward fleet.”
If approved, the proposed rejections will take effect beginning Oct. 27, 2025, pending a court hearing scheduled for Oct. 16. Spirit said the move will leave the airline with sufficient aircraft to meet customer demand while eliminating what it described as a “cash drain” from underutilized jets.
In a statement, an airline spokesperson said the move will help “align our fleet with our previously announced network adjustments.”
“This step is expected to generate significant cost savings for the airline. The motion is subject to court approval, and we continue to engage with key stakeholders, including our lessors, as part of our ongoing restructuring to position Spirit for the future, “ the spokesperson added.
The carrier has already slashed capacity across its network, and has pulled out of more than a dozen U.S. cities in recent months.
