Originally Posted by Name User

Spirit owns 50 jets unencumbered IIRC, that means without liens on them. The other ~150 were sold and then leased back IIRC to generate income which means their terms are going to be pretty bad. During the go-go years pre-covid, Spirit was actually converting leases to owned jets and said it saved them $1m a year per jet to do it that way.

Guessing the 50 they own were so worn out they weren't able to extract any value out of them doing sale-leaseback deals.