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The budget flight icon plans to settle its bankruptcy issues in early spring.
DANIA BEACH, Fla. — Spirit Airlines plans to emerge from its bankruptcy woes as a much leaner airline around early spring.
The budget flight icon’s parent company announced Tuesday that it has reached an agreement with its lenders on its restructuring plan, which includes cutting its fleet and reducing flights during most of the year.
“Spirit will align its network and capacity to routes and periods of strongest consumer demand. This includes higher aircraft utilization during peak days while reducing off-peak flying, as well as the flexibility to adjust to seasonal demand across markets,” the company said in a press release.
The company announced it would end service to 12 cities in September, just days after it declared bankruptcy. It was the second time the airline made the declaration; the first was resolved in March 2025.
Other restructuring plans include changes to its guest loyalty program and offering more premium and economy choices. Passengers flying Spirit will still be able to book, travel and use tickets as normal during the restructuring process, according to the company.
Airline officials expect the company’s debt and lease obligations will be reduced from $7.4 billion to $2.1 billion after it emerges from bankruptcy.
“This agreement in principle is the result of months of hard work and allows Spirit to move toward completing its transformation,” Spirit Airlines President and Chief Executive Officer Dave Davis said in the release. “Spirit will emerge as a strong, leaner competitor that is positioned to profitably deliver the value American consumers expect at a price they want to pay.”
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