Spirit Airlines is planning a drastic fleet downsizing as it restructures under Chapter 11 bankruptcy. The company’s chief financial officer told creditors on October 10, 2025, the budget carrier will shrink its fleet by nearly 100 aircraft from about 214 today and retreat from parts of its network, according to a Reuters report. CFO Fred Cromer reportedly told creditors the move will cut “hundreds of millions of dollars” in costs and let Spirit drop unprofitable flying.
The plan follows news of fresh financing that aims to stabilize operations through the court process. On September 30, Spirit said it had negotiated up to $475 million in debtor-in-possession financing with existing bondholders. Of that, $200 million could be available right away if the court signs off at an October 10 hearing. The company also gained interim access to $120 million in cash collateral.
As part of the same restructuring push, Spirit reached a proposed settlement with its largest lessor, AerCap. Under the deal, AerCap would pay Spirit $150 million, while Spirit would reject leases on 27 aircraft. The agreement would also resolve a dispute tied to future Airbus deliveries. The court approved separate motions that let Spirit reject 12 airport leases and 19 ground-handling agreements.
Spirit has also started to reduce or eliminate flying where demand and fares are weakest. In September, the airline said it would halt 40 routes in its November schedule and appointed a new vice president of network planning to steer the reset.
Friday’s remarks outlined the scale of a downsizing that has been building for weeks. In mid-September, internal memos previewed a 25% year-over-year capacity cut for November and warned employees to expect more belt-tightening as the company worked through its second bankruptcy filing in a year.
The fleet action is central to Spirit’s plan. Cromer told creditors the airline will use bankruptcy tools to shed aircraft and unprofitable routes, and to resize the network to current demand. That includes exits from several US markets, though the company has not released a full list. The changes will involve its A320 and A321 fleet. Spirit flies an all-Airbus narrowbody lineup and retired its A319s earlier this year.
Spirit argues the cuts will create a smaller, more sustainable airline focused on routes that support consistent profits. In a recent investor update, the company said the new financing and the AerCap settlement are designed to accelerate “fleet optimization” and reduce fixed costs. Management said it is negotiating with lessors and unions to find more savings.
Spirit emerged from bankruptcy in March, brought in new leaders, and tried to reset its brand. But US demand remained weak, cheap fares flooded the market, and losses continued. The airline filed for bankruptcy again in late August. It now plans to survive as a smaller airline flying a reduced schedule.
