Spirit Airlines’ 2025 AerCap restructuring agreement provided for rejection of 27 existing aircraft leases and assumption of 10 others. The bankruptcy court approved Spirit’s entry into the binding term sheet on October 10, 2025, according to the airline’s October 14 SEC filing. That approval covered a broader package—including 30 new postpetition leases and a $150 million liquidity payment—not 27 aircraft in total. Spirit’s Form 8-K
What did Spirit’s AerCap agreement provide?
The agreement set out several distinct parts of a fleet and financial restructuring. Spirit’s filing says the bankruptcy court approved its entry into a binding global restructuring term sheet on October 10, 2025. The term sheet provided for 27 existing aircraft lease rejections, 10 existing lease assumptions, 30 new postpetition leases, and a $150 million liquidity payment from AerCap to Spirit. Spirit’s Form 8-K and the filed term sheet
| Arrangement component | What the filing says |
|---|---|
| Existing leases rejected | 27 aircraft leases |
| Existing leases assumed | 10 leases |
| New postpetition leases | 30 leases, with delivery dates spread across 2027, 2028 and 2029 |
| Liquidity payment | $150 million from AerCap to Spirit as part of the wider settlement |
The 27 figure refers only to existing leases slated for rejection under the term sheet. It is not the total number of aircraft involved in all parts of the arrangement, and the $150 million payment was not a per-aircraft payment.
Was the rejection still tentative?
Spirit announced the proposed AerCap agreement on September 30, 2025, when it remained subject to court approval. The later Form 8-K says the court approved Spirit’s entry into the binding term sheet on October 10. So the 27 rejections should be described as a term of the approved agreement, rather than as a proposal still awaiting that approval. Spirit’s September 30 announcement; October 14 Form 8-K
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The filing establishes approval of entry into the term sheet; it does not, on its own, establish the effective date of each individual lease rejection. It therefore does not support saying that all 27 leases ended on October 10.
Why were the leases part of a wider restructuring?
Lease rejections, lease assumptions, future aircraft leases and a liquidity payment are separate pieces of the negotiated package. The term sheet shows both a reduction in existing lease commitments and planned future aircraft capacity, alongside near-term cash support. Spirit’s September announcement said the 27 lease rejections would reduce operating costs “by hundreds of millions of dollars.” That was the company’s broad claim; the cited filings do not quantify savings attributable solely to those 27 leases. Spirit’s announcement
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How does the Airbus orderbook transaction fit in?
AerCap separately disclosed an agreement with Airbus to purchase 52 A320neo Family aircraft that had been on Spirit’s orderbook. Deliveries were scheduled from 2029 through 2031. This orderbook transfer is distinct from the 27 existing leases slated for rejection; it should not be added to that count or treated as another part of the same lease-rejection figure. AerCap’s Form 6-K, filed October 29, 2025
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the status of Spirit and the aircraft now?
The agreement is a 2025 restructuring event, not a description of Spirit’s present-day operations. An Associated Press report in 2026 said Spirit had stopped flying and was going through liquidation. The cited material does not establish the current status or disposition of each aircraft or lease, so the agreement’s planned fleet terms should not be read as a current aircraft-by-aircraft inventory. Associated Press report
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