Spirit Aviation Holdings, the parent entity of Spirit Airlines (NK, Fort Lauderdale International), has reached an agreement in principle on key terms of a restructuring support agreement with existing debtor-in-possession lenders and secured noteholders, the company announced in a statement. This paves the way for the airline to exit its Chapter 11 restructuring "in late spring or early summer" 2026.

This agreement will provide Spirit with the financial support needed to finalise its restructuring and complete the changes necessary to optimise its fleet, network, and cost structure, it added.

CNBC reported that Spirit’s lawyer, Marshall Huebner, said during the US Bankruptcy Court hearing that the agreement would include further fleet cuts, "with the potential rejection of additional high cost A320neo aircraft,"

The airline previously secured a USD475 million debtor-in-possession funding, available in four tranches. The first USD200 million was available immediately in October 2025, followed by the second tranche of USD75 million in November. In December, the airline secured an additional USD100 million from creditors, including USD50 million available immediately and the other USD50 million subject to "previously agreed conditions that relate to further progress on a standalone plan of reorganisation or a strategic transaction." The final, USD100 million tranche has no deadline and was announced as contingent on the airline presenting a plan to exit the restructuring through a merger, acquisition, or with a viable stand-alone business plan.

Upon emerging from Chapter 11, Spirit expects to have reduced its cost structure, and reduce its debt and lease obligations from USD7.4 billion pre-filing to approximately USD2.1 billion post-emergence.

As part of its reorganisation, the airline has rejected the leases of several aircraft, launched a bid to sell twenty owned A320-200s and A321-200s, sold several gates at Chicago O'Hare to United Airlines and American Airlines, furloughed personnel, closed airport bases, and revamped its network structure.