Spirit Airlines Slashes Fleet During Bankruptcy Restructuring

Spirit Airlines is moving to cut its fleet by nearly half, eliminating almost 100 aircraft as part of a broader effort to restructure under Chapter 11 bankruptcy.

CFO Fred Cromer confirmed the plans Friday during a virtual meeting with creditors, stating that the airline is seeking court approval to reject 87 additional aircraft leases.

“The motion is subject to court approval, and we continue to engage with key stakeholders, including our lessors, as part of our ongoing restructuring to position Spirit for the future,” the company said in a statement.

The carrier, which currently operates 214 aircraft, has struggled with prolonged financial pressure. The goal of the fleet reduction is to eliminate unprofitable routes and cut operating costs. Cromer said the strategy is expected to save “hundreds of millions of dollars” and create a “smaller and stronger Spirit Airlines.”

Spirit has until October 27 to finalize its aircraft requirements. The airline also plans to exit over a dozen U.S. airports and suspend about 40 routes.

In addition, Spirit is rejecting leases on 27 aircraft from lessor AerCap. As part of a resolution, AerCap will pay the airline $150 million to settle a dispute over future aircraft deliveries scheduled between 2027 and 2028.

Cromer cited industry-wide overcapacity, weak demand, and low fares, especially from legacy carriers, as key factors behind the bankruptcy. “While the industry was hopeful at the beginning of 2025 that there would be a rebound, it didn’t happen,” he said.