Spirit Airlines will reduce its fleet by almost 100 aircraft nearly half of its current 214 planes, as part of an aggressive bankruptcy restructuring plan, Chief Financial Officer Fred Cromer announced Friday during a virtual meeting with creditors.
The ultra-low-cost carrier, which filed for Chapter 11 bankruptcy protection for the second time this year, is seeking to stabilize operations after years of financial strain and mounting competition in the U.S. budget airline market.
According to a company statement, Spirit has filed a motion to reject 87 additional aircraft leases, pending court approval. The airline has until October 27 to finalize its aircraft needs and will continue negotiations with lessors in the meantime, which could alter the final fleet size reduction.
Cromer emphasized that the move could save the company “hundreds of millions of dollars,” enabling Spirit to streamline operations and emerge as a “smaller, stronger carrier.”
Industry analysts say Spirit’s restructuring reflects broader challenges for U.S. low-cost airlines, which are facing overcapacity, weak passenger demand, and steep pricing competition. These pressures have eroded margins, forcing carriers to rethink expansion strategies and consolidate operations.
Despite the cuts, Spirit signaled its intention to remain a key player in the budget travel segment, focusing on select profitable routes while shedding unprofitable ones. The airline is expected to unveil further restructuring updates in the coming weeks as bankruptcy proceedings continue.
