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Spirit Aviation Holdings, Inc. Files for Chapter 11 Bankruptcy
FLYY
Legal Proceedings
Delisting/Listing Issues
- Spirit Aviation Holdings, Inc. (FLYY) filed voluntary petitions for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on August 29, 2025.
- The company expects to be delisted from the NYSE American Stock Exchange in the near term, and its common stock is expected to be cancelled and have no value as part of the restructuring.
- The Chapter 11 filing triggered an event of default, accelerating obligations under various debt instruments, including $856.0 million of PIK Toggle Senior Secured Notes, $275.0 million under a Revolving Credit Agreement, $636.0 million under enhanced equipment trust certificates (EETCs), and $849.0 million from individual aircraft loans.
- Spirit intends to use the Chapter 11 process to implement a comprehensive restructuring, focusing on redesigning its network, optimizing its fleet, and addressing its cost structure, while flights and operations continue as normal.
Aug 29, 2025, 9:25 PM
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