Spirit Airlines Has Stopped Flying. Here's What Happens Next
Spirit said it has no revenue and is seeking expedited approval to sell aircraft and other assets for creditors.
- Lawyers for Spirit Airlines appeared in Bankruptcy Court in New York on Tuesday to seek approval for a rapid liquidation plan following the carrier's sudden cessation of operations over the weekend.
- After a hoped-for rescue deal with the Trump administration fell through last week, rising fuel costs—which grew $100 million in recent months following strikes on Iran—overwhelmed the airline's restructuring efforts.
- Spirit carried about 50,000 passengers on its final day, while airlines including United and Delta offered $200 one-way fares to stranded travelers and preferential hiring for the airline's roughly 17,000 employees.
- To oversee the liquidation, the company sought Judge Sean Lane's approval to retain a skeleton crew of about 150 employees, eventually shrinking to roughly 40, to secure aircraft and coordinate asset sales.
- The wind-down plan focuses on selling off every possible asset, from airplanes to spare parts, as lawyers argued expedited approval would benefit creditors and customers by limiting additional costs.
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33 Articles
The yellow jets go dark: What happens to Spirit’s fleet?
Americans won’t be seeing those big yellow Spirit Airlines planes flying overhead anymore now that the company has shut down. But what’s going to happen to those planes? Both customers and other airlines will feel the impact of the Spirit closure. However, experts said many of those impacts will not be felt immediately. What happens to the planes? According to data from avionics analytics company Cirium, Spirit had 172 planes in its fleet. Only …
The Toronto Star
Spirit Airlines has stopped flying. Here’s what happens next
The bright yellow planes are grounded. Now the selloff begins.
Associated Press News
Spirit Airlines has stopped flying. Here's what happens next
Lawyers for Spirit Airlines have returned to a U.S. bankruptcy court in New York to seek approval for dismantling the once-busy budget carrier and turning its parts into cash for creditors.
New York.- Spirit Airlines, with more than three decades of track record, came to an end this weekend, but just this Tuesday began the process, which will last several months, of dismantling the company after the biggest collapse of an American airline in a generation. Spirit and its shareholders presented themselves to the bankruptcy court in White Plains, New York, to start that process, which will extend for months, reported CNBC. The airline…
Spirit Airlines Starts Bankruptcy Process – 710am KURV
Spirit Airlines is starting its bankruptcy process after attending court in New York on Tuesday. About 17-thousand Spirit employees are expected to be laid off during the process which could take months. Spirit suddenly canceled flights for thousands of customers over the weekend, ceasing operations after more than three decades in business.
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