- Spirit Airlines (NYSE:SAVE) has deferred all aircraft on order that were to be delivered in the 2Q25 till the end of 2026 to 2030-2031, leading to improvement in liquidity position by approximately $340 million over the next two years. However, there are no changes to the aircraft on order with Airbus (OTCPK:EADSF) that are scheduled to be delivered in 2027-2029.
- The deferrals excludes the direct-lease aircraft that were scheduled for delivery, one each in the second and third quarter 2025, respectively.
- The company intends to furlough approximately 260 Pilots effective September 1, 2024, as a result of grounded aircraft due to Pratt & Whitney GTF engine availability issues and 2025 and 2026 aircraft deferrals.
- The compensation agreement with Pratt & Whitney regarding its GTF engines is estimated to add liquidity between $150 million and $200 million over the term of that agreement.
- The Airbus amendment also defers by two years the exercise dates for optional aircraft included in Spirit’s purchase agreement.
- Source: Press Release
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