I don't believe this is true. I think this is what happened.

The same day someone posted that they heard Spirit had DIP financing, articles like this were already coming out. https://airlinegeeks.com/2025/09/09/...gency-funding/

This wasn't DIP financing. This was the $275M revolving credit that Spirit drew right before filing BK when their credit card issuer told them they wanted $50M plus $3M a day in credit card holdbacks (until they get $600M) just in case they have to return credit card purchases for tickets people bought on Spirit.

Even though the credit line was fully drawn prior to filing BK, the court still has to approve it because you can't just borrow a bunch of money and then file BK. There are timeframes where these can be reversed. Obviously whoever gave them the credit line (I think US Bank) didn't try to reverse it, but also remember they are going to holding onto a bunch of Spirit's cash so they are not really at risk of not getting paid back.

Because the court approved it, the articles that came out made it seem like this was some "new financing", but it was actually guaranteed from BK1 and hadn't been pulled until just recently (probably because its a very high interest rate). Its probably also secured and even in a senior position to all the other debt.