Budget airline Spirit revealed plans to reduce its workforce and sell 23 Airbus A320ceo and A321ceo aircraft to GA Telesis, LLC, a move valued at approximately $519 million, in response to continued financial challenges.
The agreement, formalized on Oct. 18, and disclosed in a filing with the Securities and Exchange Commission (SEC) on Oct. 24, includes delivery of the aircraft from October through February 2025.
The sale, pending completion of standard conditions and documentation, is anticipated to strengthen Spirit’s liquidity, with net proceeds expected to improve cash flow by roughly $225 million by year-end 2025.
The airline is implementing these changes as part of a broader transformation initiative aimed at addressing prolonged financial difficulties and returning to profitability….