Spirit seeks to cut nearly half of its 214 planes from pre-bankruptcy fleet

"The Dania Beach-based airline, which has been simultaneously shaving cities from its route network while furloughing hundreds of employees, was operating 214 planes when it filed for Chapter 11 bankruptcy protection for a second time on Aug. 29. In a motion filed Thursday in U.S. Bankruptcy Court in New York, the carrier declared it intends to offload 87 planes by Oct. 27, a move that would reduce its fleet to 127 aircraft."

""To do so, Spirit must right-size its fleet to match capacity with profitable demand, which will materially lower Spirit's debt and lease obligations and realize hundreds of millions of dollars in annual operating savings," he said. "Rejecting these leases, which together amount to the leases on 87 aircraft, will relieve Spirit of the burden of unprofitable leases and of the costs of maintaining and storing several aircraft that are already out of service," Cromer added."

Spirit Airlines filed for permission to terminate leases on 87 Airbus jetliners, which would reduce its fleet by about 40%. The carrier operated 214 planes when it filed for Chapter 11 bankruptcy protection for a second time on Aug. 29 and has been trimming routes and furloughing employees. Spirit says it intends to offload the 87 planes by Oct. 27, lowering the fleet to 127 aircraft. The airline plans to redesign its network to focus on key markets, right-size capacity to profitable demand, reduce debt and lease obligations, and realize hundreds of millions in annual operating savings. Spirit may evaluate additional retirements and lease rejections.

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