Originally Posted by Noisecanceller

Im pretty sure you don’t understand that there are no pieces to sell. Everything we “have” has near zero equity and is all heavily leveraged. You sell those pieces and you get a couple bucks. Most of the fleet is leased so if you liquidate those jets go back to the lessor and released on the open market at much much higher rates than what spirit is currently paying. Order book goes back to Airbus to put on the open market in whatever delivery schedule they want to negotiate with new buyers.

Contrary to your thesis Spirit ONLY has value as a package. The parts are worth nothing.
You buy the package and you get a plug and play HQ/training facility, a fleet of fairly new airbuses at much cheaper lease rates than current market. Some of which are being paid for by P&W to help ease your transition into the new jets. You get a portion of the fleet that’s “owned” and leveraged but with a little equity in them. Some LGA slots, half of the FLL market. It all comes with some debt and some stake holders wishing to get their money back, and next to zero stock that you’d normally have to pay a major premium for.

You sell it in pieces and it all goes on the open market at much higher cost but the current owners don’t get much payback bc none of it has equity and the jets go back to the lessors. Their motivation to sell for parts would be next to nil and a buyer that wants jets won’t get any discount waiting for pieces when they can inherit spirits current lease rates which are much cheaper