Airline Looks to Sell Aircraft Amid Restructuring Efforts

Spirit Airlines has asked a New York bankruptcy court to approve a plan to auction 20 Airbus jets in a court-supervised process that would set a floor price at $533.5 million. The airline aims to reduce costs and strengthen its financial position as it works through its restructuring under Chapter 11 protection. CSDS Asset Management LLC has been identified as the stalking horse bidder, and if approved, Spirit would seek competing offers starting at roughly $554 million. Bloomberg Law reported that Spirit’s motion also asks the court to approve stalking horse protections, including a $16 million breakup fee for CSDS.