Spirt filed for Chapter 11 again
02-11-2026 | 10:59 AM
#772
On Reserve
Joined: Dec 2025
Posts: 6
Likes: 5
Just so you know that NOL Carryforwards are not transferable directly in a sale/merger etc. So the "tax assets" if that's what you are referring to, would not be why someone buys Spirit. Any NOL benefit would either be completely wiped out in a sale or "revalued" at just a couple percent of their prior value.
Net Operating Loss NOL is a tax credit a company can use to offset future profits. NOLs can be extremely valuable if used properly. For a large profitable buyer, NOLs can be worth hundreds of millions to billions in present value.
The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.
02-11-2026 | 05:58 PM
#773
Line Holder
Joined: Nov 2024
Posts: 279
Likes: 181
I remember being in DEN when Kirby came through. He was asked about FLL and the NK gates/FLL hub possibility. He mentioned that FLL doesn’t have the infrastructure to be a hub. Only 2 runways and the NK gates (which is next to B6) is limited. NK owns something like 12 gates and hubs require a lot more than 12 gates. UA also
parks on the north side. It would be very inconvenient for a UA pax to run over to the south side and clear security again just to fly out of there.
Anything can happen, but I doubt FLL ever becomes a hub to compete with MIA. It’s just not there and probably will never be.
parks on the north side. It would be very inconvenient for a UA pax to run over to the south side and clear security again just to fly out of there.
Anything can happen, but I doubt FLL ever becomes a hub to compete with MIA. It’s just not there and probably will never be.
The 2 runway thing is a good point, but EWR is a 2 runway airport most of the time and UA rarely uses the north runways in LAX ever since they figured out that assigning arrival and departure runways based on where you park to decongest the taxiways might actually be a good idea.
The real issue seems to be that FLL is a low-yield city like MCO. Good chance WN makes some moves in FLL before UA does, but if I was planning to build a hub in FLL, I definitely would be telling my competitors that I had no interest in building a hub in FLL.
02-11-2026 | 06:11 PM
#774
Gets Weekends Off
Joined: Nov 2017
Posts: 3,190
Likes: 160
Gates can be re-assigned or swapped, no? Given the new partnership with B6, UA having gates next to B6 isn't a bad thing.
The 2 runway thing is a good point, but EWR is a 2 runway airport most of the time and UA rarely uses the north runways in LAX ever since they figured out that assigning arrival and departure runways based on where you park to decongest the taxiways might actually be a good idea.
The real issue seems to be that FLL is a low-yield city like MCO. Good chance WN makes some moves in FLL before UA does, but if I was planning to build a hub in FLL, I definitely would be telling my competitors that I had no interest in building a hub in FLL.
The 2 runway thing is a good point, but EWR is a 2 runway airport most of the time and UA rarely uses the north runways in LAX ever since they figured out that assigning arrival and departure runways based on where you park to decongest the taxiways might actually be a good idea.
The real issue seems to be that FLL is a low-yield city like MCO. Good chance WN makes some moves in FLL before UA does, but if I was planning to build a hub in FLL, I definitely would be telling my competitors that I had no interest in building a hub in FLL.
LAX utilizes all the runways though even if we just use the south side. EWR can utilize 29, but only in windy conditions. The option is still there though… or maybe EWR is the reason they don’t want to open a hub/base in a place that only has 2 runways?
02-11-2026 | 06:22 PM
#775
Line Holder
Joined: Nov 2024
Posts: 279
Likes: 181
Some good points made, but the low yield thing didn’t sound like a concern. He said that the NK network out of there was pretty impressive so it sounded like they could make it work?
LAX utilizes all the runways though even if we just use the south side. EWR can utilize 29, but only in windy conditions. The option is still there though… or maybe EWR is the reason they don’t want to open a hub/base in a place that only has 2 runways?
LAX utilizes all the runways though even if we just use the south side. EWR can utilize 29, but only in windy conditions. The option is still there though… or maybe EWR is the reason they don’t want to open a hub/base in a place that only has 2 runways?
EWR can utilize 29, but have you ever seen them landing 29 and 22L, while launching 22R? Taking an arrival on 22L typically disrupts the 29 flow, so it's still 2 runways at a time.
02-11-2026 | 08:54 PM
#776
Prime Minister/Moderator
Joined: Jan 2006
Posts: 44,841
Likes: 653
From: Engines Turn or People Swim
Net Operating Loss NOL is a tax credit a company can use to offset future profits. NOLs can be extremely valuable if used properly. For a large profitable buyer, NOLs can be worth hundreds of millions to billions in present value.
The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.
The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.
02-11-2026 | 09:26 PM
#777
Line Holder
Joined: Dec 2022
Posts: 1,362
Likes: 127
I remember being in DEN when Kirby came through. He was asked about FLL and the NK gates/FLL hub possibility. He mentioned that FLL doesn’t have the infrastructure to be a hub. Only 2 runways and the NK gates (which is next to B6) is limited. NK owns something like 12 gates and hubs require a lot more than 12 gates. UA also
parks on the north side. It would be very inconvenient for a UA pax to run over to the south side and clear security again just to fly out of there.
Anything can happen, but I doubt FLL ever becomes a hub to compete with MIA. It’s just not there and probably will never be.
parks on the north side. It would be very inconvenient for a UA pax to run over to the south side and clear security again just to fly out of there.
Anything can happen, but I doubt FLL ever becomes a hub to compete with MIA. It’s just not there and probably will never be.
02-11-2026 | 09:38 PM
#778
Line Holder
Joined: Sep 2017
Posts: 1,169
Likes: 164
From: NK CA
02-12-2026 | 05:16 AM
#779
Line Holder
Joined: Sep 2020
Posts: 1,556
Likes: 335
Net Operating Loss NOL is a tax credit a company can use to offset future profits. NOLs can be extremely valuable if used properly. For a large profitable buyer, NOLs can be worth hundreds of millions to billions in present value.
The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.
The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.
02-12-2026 | 05:25 AM
#780
At your mom's house
Joined: Jun 2008
Posts: 3,662
Likes: 447
From: cpt 737
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