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.
Spirit Airlines is exploring a path forward, including a merger or sale, as it seeks to conserve cash and stabilize its business following two Chapter 11 bankruptcy filings in less than a year. The airline is in talks with alternative investment firm Castlelake over a potential takeover, according to CNBC.
Spirit Airlines has sold two of its Airbus A320neos to EirTrade, which will dismantle the aircraft and transfer their parts to its Dallas hub. According to EirTrade, the four-year-old N950NK and three-year-old N959NK were withdrawn from service due to age.