Spirit Inks Deal With Airbus To Defer All 2025-26 Deliveries Of Aircraft Orders By Five Years
(RTTNews) - Spirit Airlines, Inc. (SAVE) announced Monday it reached an agreement with Airbus SE to defer all aircraft on order that are scheduled to be delivered in the second quarter of 2025 through the end of 2026 to 2030-2031.
These deferrals do not include the direct-lease aircraft scheduled for delivery in that period, one each in the second and third quarter 2025, respectively.
The agreement with Airbus will improve Spirit's liquidity position by approximately $340 million over the next two years.
There are no changes to the aircraft on order with Airbus that are scheduled to be delivered in 2027-2029.
As a result of grounded aircraft due to Pratt & Whitney GTF engine availability issues, along with the 2025 and 2026 aircraft deferrals, Spirit announced it intends to furlough approximately 260 Pilots effective September 1, 2024.
The Company said it has been taking, and will continue to take, prudent steps to ensure the strength of its balance sheet and ongoing operations, including assessing options to refinance upcoming debt maturities and bonds.