Originally Posted by FlyFlorida2025

They're not liquidating they're restructuring to be sold.

Originally Posted by FlyFlorida2025

I believe this article provides some insight and clues as to why a merger with Spirit makes sense to Southwest. https://www.eplaneai.com/ru/news/sou...ational-routes

Originally Posted by FlyFlorida2025

Months ago, people argued that Southwest would never buy Airbus aircraft. Now, based on public statements from Southwest’s CEO, that’s no longer true. Southwest has been reshaping the airline to align itself more closely with what Spirit is trying to do. Spirit, meanwhile, is in the process of uplifting its enterprise value so it can be sold at a premium. The DIP lenders are the equity holders from the first bankruptcy who traded debt for equity. They will recover their DIP financing and are positioning themselves for a premium return on their stock, which has been locked up and unsellable since the first bankruptcy.

I believe they walked away from Frontier’s offer in February because they thought they could get more for the airline later by filing bankruptcy a second time. This process looks choreographed: Spirit’s stakeholders are now positioning themselves to maximize their return on investment.

I have read every single filing, including all the transcripts. You will see the same clause that I found, and maybe you will change your mind. Spirit is divesting assets to gain regulatory approvals, but they are not liquidating. Instead, they are reducing debt by shedding mostly non‑flying and unprofitable aircraft, which directly improves enterprise value. Southwest has future plans that demand more planes, and Spirit solves that problem immediately.

A merger with Southwest in February would not have been possible, but one now is more likely than ever before because of everything that has been done over the last 10 months: debt reduction, fleet restructuring, labor concessions, and asset divestitures. Am I right? Only time will tell. But one thing is clear — Spirit isn’t liquidating.

Originally Posted by RiddleEagle18

American Airlines requests notices in Spirit bankruptcy proceedings.

https://www.reuters.com/business/ame...gs-2025-12-07/

Originally Posted by FriendlyPilot

Looking at buying airbus planes does not equal buying Spirit. Southwest can get a lot of planes quickly from lessors without getting a bunch of planes they will have to carry the costs on while they try and reconfigure them for their fleet. Also they avoid the debt. Also the CEO said recently they would prefer to keep a single fleet type but are "open" to exploring other fleets. What I've heard is they are looking at 787s, which they can't get quickly so then they took a look at used 787s.

Nowhere in his comments does it give any indication they are "buying Spirit".

Also there is no "we are preparing for a merger" or anything like you mention in any filing etc.

I get why you desperately want another stable airline to buy all of Spirit, but I don't see anyone doing that and carrying that much debt and ongoing losses not to mention the added integration costs. It’s just far too toxic of a deal.

Originally Posted by FriendlyPilot

Also AA management has already said that of the 300 orders about 230 of them are replacing older planes. All of which will have to be financed or leased, making it harder for them to dig out of their debt hole and another reason they aren't buying Spirit in whole.

Originally Posted by DirkDiggler9999

Completely agree. The article specifically states they are looking for new orders by 2030 which gives SWA time to prepare internally for the addition to its fleet. SWA has always been particular about protecting its brand. To add NK to the SWA brand does not make sense at all. The AirTran acquisition taught SWA some things and it makes me wonder that SWA thinks twice about repeating that mistake.

Originally Posted by FlyFlorida2025

You don’t buy 5% of the company, push for an examiner, and amend your disclosure statement insisting on a sale if you think Spirit is going to be liquidated. https://d18rn0p25nwr6d.cloudfront.ne...3e6552f713.pdf

Originally Posted by FriendlyPilot

This filing doesn't mean that at all. They are unsecured creditors who are upset that the secured creditors have taken control of the company to preserve their asset value in the event of a liquidatyion and set it up so that Esopus Creek Advisors will get wiped out if that happens. They are just mad and using their equity stake to try and make waves so they can get some secured debt, which isn’t going to happen.