Spirit Aviation Holdings, parent of Spirit Airlines (NK, Fort Lauderdale International), has filed a restructuring agreement and its Chapter 11 plan of reorganisation with the US Bankruptcy Court for the Southern District of New York. It confirms it intends to adjust its fleet to a maximum of 76 to 80 aircraft by the third quarter of 2026, primarily consisting of A320-200s and A321-200s.

The fleet plan entails a heavy reduction in the number of aircraft Spirit operates. When the company filed for this second Chapter 11 bankruptcy process in 2025, it had a fleet of 214 aircraft, including 48 owned and 166 leased. This has already been reduced to 125, with further cuts expected both by rejecting existing leases and by auctioning 20 owned aircraft, from which it aims to raise at least USD530 million.

Spirit Airlines anticipates adding aircraft once again between 2027 and 2030, “commensurate with profitable growth opportunities.”

Under the proposed restructuring, Spirit’s debt and lease obligations are expected to be reduced to about USD2 billion, from USD7.4 billion before the filing.

However, the current restructuring process may be complicated by the current volatility in fuel prices linked to the war in the Middle East, Spirit warned. Reuters reported that Spirit’s lawyer, Marshall Huebner of Davis ​Polk & Wardwell, said negotiations had taken ​longer than expected in ⁠part because fuel costs have become harder to forecast amid the geopolitical uncertainty.

Regarding its network, Spirit said it planned to continue aligning its network with consumer demand and focus on its strongest routes and markets, including Fort Lauderdale International, Orlando International, Detroit Metropolitan, New York Newark, and New York La Guardia. “The airline will increase aircraft utilisation on peak days, reduce off-peak flying, and maintain flexibility to adjust to seasonal demand across markets.”

“We are pleased to achieve another milestone that reflects the confidence our ​lenders and noteholders have in our future, with our plan better positioning Spirit to continue delivering value to American consumers,” Dave ​Davis, president and chief executive, said in a statement.