Newest Fitch analysis on recent loan money:



https://www.fitchratings.com/research/corporate-finance/correction-fitch-downgrades-spirit-to-b-rates-senior-secured-notes-bb-rr1-12-12-2022


I think the bottom line is that if NK doesn’t get its equipment utilization up and start making money, things will only get worse. Now they don’t HAVE to expand, but they are unlikely to be able to afford the new aircraft coming in if they can’t profitably utilize them. Underutilization is sort of like parking aircraft, except more maintenance expense. They could likely sell delivery spots and forgo leases, but that impacts expansion for years - especially with the supply chain problems Airbus has. And the deal with JetBlue may not allow them to do that. A lot of JB 320s are getting long in the tooth and the planned acquisition was as much about buying those future order positions as it was about acquiring the pilot group.