Spirit has canceled a large portion of its Airbus aircraft order book as part of its ongoing Chapter 11 restructuring, according to court documents filed in New York.
Under an agreement approved by the bankruptcy court, the carrier will terminate its order for 52 Airbus aircraft and give up options for 10 more. The deal forms part of a broader settlement with aircraft leasing company AerCap, which had financed or managed a portion of Spirit’s future deliveries.
In exchange, AerCap will make a $150 million cash payment to the ultra-low-cost carrier and gain the right to file an unsecured claim of up to $572 million against the airline’s bankruptcy estate.
The airline expects the revised order and lease structure to save hundreds of millions of dollars in long-term obligations.
More on Order
According to fleet data from Cirium, the airline has a total of 90 aircraft on order, along with 50 options. These include A320neo and A321neo aircraft.
Last week, Spirit announced plans to shed around 40% of its total fleet.
