Spirt filed for Chapter 11 again
02-23-2026 | 01:13 PM
#841
Gets Weekends Off
Joined: Nov 2017
Posts: 3,190
Likes: 160
Doc #790 page 43
"CHAPTER 11 - M&A AND ASSET DISPOSITION"
Fees: $304,767.00
dedicated billing category for M&A (Mergers & Acquisitions) work in December 2025.
Doc #796 filed on February 20, 2026—a Fourth Monthly Fee Statement from Jefferies LLC, who serve as Investment Banker for the Official Committee of Unsecured Creditors (UCC).
CRITICAL FINDING: Active Investment Banking Work in January 2026
-provides conclusive evidence of an active sale process.
-No "Liquidation" or "Wind-down" specialists on the team
Doc #770, filed on February 11, 2026 — a Motion for Approval of Bidding Procedures for the sale of 20 Airbus aircraft
This document contains Spirit's ultimate plan. Look at Section XII (Fiduciary Out for Enterprise Sale) on pages 57-58:
"the board of directors of Spirit Aviation Holdings, Inc. (the 'Seller Parent') determines, in consultation with outside legal counsel, in its sole and exclusive discretion to terminate this Agreement in order to enter into an agreement to consummate a transaction (an 'Enterprise Sale') contemplating the purchase of the equity or assets of Seller Parent and its subsidiaries as a going concern, including the Aircraft"
A few things I found. Take it for what it’s worth.
-don’t kill the messenger-
"CHAPTER 11 - M&A AND ASSET DISPOSITION"
Fees: $304,767.00
dedicated billing category for M&A (Mergers & Acquisitions) work in December 2025.
Doc #796 filed on February 20, 2026—a Fourth Monthly Fee Statement from Jefferies LLC, who serve as Investment Banker for the Official Committee of Unsecured Creditors (UCC).
CRITICAL FINDING: Active Investment Banking Work in January 2026
-provides conclusive evidence of an active sale process.
-No "Liquidation" or "Wind-down" specialists on the team
Doc #770, filed on February 11, 2026 — a Motion for Approval of Bidding Procedures for the sale of 20 Airbus aircraft
This document contains Spirit's ultimate plan. Look at Section XII (Fiduciary Out for Enterprise Sale) on pages 57-58:
"the board of directors of Spirit Aviation Holdings, Inc. (the 'Seller Parent') determines, in consultation with outside legal counsel, in its sole and exclusive discretion to terminate this Agreement in order to enter into an agreement to consummate a transaction (an 'Enterprise Sale') contemplating the purchase of the equity or assets of Seller Parent and its subsidiaries as a going concern, including the Aircraft"
A few things I found. Take it for what it’s worth.
-don’t kill the messenger-
02-23-2026 | 04:22 PM
#842
On Reserve
Joined: Jan 2026
Posts: 12
Likes: 1
From: Investor
M&A
I’m not a lawyer and this is not legal advice.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
02-23-2026 | 05:01 PM
#843
Line Holder
Joined: Sep 2020
Posts: 1,556
Likes: 335
I’m not a lawyer and this is not legal advice.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
02-23-2026 | 05:31 PM
#844
Gets Weekends Off
Joined: Nov 2017
Posts: 3,190
Likes: 160
I’m not a lawyer and this is not legal advice.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
I believe what it means is that Spirit can call off the sale of the 20 aircraft if they find a buyer of the entire company. There is wording elsewhere that says the only way they can halt the auction is to find a buyer for the entire company. “Sole discretion” attempts to stop lawsuits questioning their judgment.
02-23-2026 | 06:56 PM
#845
On Reserve
Joined: Oct 2024
Posts: 168
Likes: 96
Doc #790 page 43
"CHAPTER 11 - M&A AND ASSET DISPOSITION"
Fees: $304,767.00
dedicated billing category for M&A (Mergers & Acquisitions) work in December 2025.
Doc #796 filed on February 20, 2026—a Fourth Monthly Fee Statement from Jefferies LLC, who serve as Investment Banker for the Official Committee of Unsecured Creditors (UCC).
CRITICAL FINDING: Active Investment Banking Work in January 2026
-provides conclusive evidence of an active sale process.
-No "Liquidation" or "Wind-down" specialists on the team
Doc #770, filed on February 11, 2026 — a Motion for Approval of Bidding Procedures for the sale of 20 Airbus aircraft
This document contains Spirit's ultimate plan. Look at Section XII (Fiduciary Out for Enterprise Sale) on pages 57-58:
"the board of directors of Spirit Aviation Holdings, Inc. (the 'Seller Parent') determines, in consultation with outside legal counsel, in its sole and exclusive discretion to terminate this Agreement in order to enter into an agreement to consummate a transaction (an 'Enterprise Sale') contemplating the purchase of the equity or assets of Seller Parent and its subsidiaries as a going concern, including the Aircraft"
A few things I found. Take it for what it’s worth.
-don’t kill the messenger-
"CHAPTER 11 - M&A AND ASSET DISPOSITION"
Fees: $304,767.00
dedicated billing category for M&A (Mergers & Acquisitions) work in December 2025.
Doc #796 filed on February 20, 2026—a Fourth Monthly Fee Statement from Jefferies LLC, who serve as Investment Banker for the Official Committee of Unsecured Creditors (UCC).
CRITICAL FINDING: Active Investment Banking Work in January 2026
-provides conclusive evidence of an active sale process.
-No "Liquidation" or "Wind-down" specialists on the team
Doc #770, filed on February 11, 2026 — a Motion for Approval of Bidding Procedures for the sale of 20 Airbus aircraft
This document contains Spirit's ultimate plan. Look at Section XII (Fiduciary Out for Enterprise Sale) on pages 57-58:
"the board of directors of Spirit Aviation Holdings, Inc. (the 'Seller Parent') determines, in consultation with outside legal counsel, in its sole and exclusive discretion to terminate this Agreement in order to enter into an agreement to consummate a transaction (an 'Enterprise Sale') contemplating the purchase of the equity or assets of Seller Parent and its subsidiaries as a going concern, including the Aircraft"
A few things I found. Take it for what it’s worth.
-don’t kill the messenger-
In Doc 796, the attorney fees are mostly for calls to creditors and debtors. There are no fees regarding reorganization, which is troubling.
In Doc 790, there is a combination category that has M&A and Asset Disposition. There are pretty high fees there. We know there is no merger or acquisition in the works but we know that assets are being sold or in the process of being sold.
In Doc 770, this seems to mostly be about the sale of assets. The hearing will take place in March.
The comments about evidence of an active sale and no liquidation or wind down specialists are unfounded.
02-23-2026 | 07:51 PM
#846
At your mom's house
Joined: Jun 2008
Posts: 3,662
Likes: 447
From: cpt 737
This is not translated well.
In Doc 796, the attorney fees are mostly for calls to creditors and debtors. There are no fees regarding reorganization, which is troubling.
In Doc 790, there is a combination category that has M&A and Asset Disposition. There are pretty high fees there. We know there is no merger or acquisition in the works but we know that assets are being sold or in the process of being sold.
In Doc 770, this seems to mostly be about the sale of assets. The hearing will take place in March.
The comments about evidence of an active sale and no liquidation or wind down specialists are unfounded.
In Doc 796, the attorney fees are mostly for calls to creditors and debtors. There are no fees regarding reorganization, which is troubling.
In Doc 790, there is a combination category that has M&A and Asset Disposition. There are pretty high fees there. We know there is no merger or acquisition in the works but we know that assets are being sold or in the process of being sold.
In Doc 770, this seems to mostly be about the sale of assets. The hearing will take place in March.
The comments about evidence of an active sale and no liquidation or wind down specialists are unfounded.
02-24-2026 | 02:56 AM
#847
Getting Out
Joined: Jan 2010
Posts: 85
Likes: 36
From: A320
[QUOTE=DirkDiggler9999;4006306]This is not translated well.
We know there is no merger or acquisition in the works but we know that assets are being sold or in the process of being sold.
/QUOTE]
You don't know anything.
We know there is no merger or acquisition in the works but we know that assets are being sold or in the process of being sold.
/QUOTE]
You don't know anything.
02-24-2026 | 07:20 AM
#849
Line Holder
Joined: Oct 2018
Posts: 209
Likes: 28
Spirit Airlines Reaches Deal With Creditors to Emerge From Bankruptcy
Spirit Airlines Reaches Deal With Creditors to Emerge From Bankruptcy
Carrier’s plan anticipates exiting Chapter 11 process by early summer
I can't read the article because I'm broke but congrats.
https://www.wsj.com/finance/spirit-a...B2HOnx7w%3D%3D
02-24-2026 | 07:36 AM
#850
On Reserve
Joined: Jan 2026
Posts: 12
Likes: 1
From: Investor
WSJ
"Spirit Airlines has reached an agreement with its lenders to emerge from bankruptcy by early summer as a smaller, but still independent, company.
The discount airline is set to tell a bankruptcy judge Tuesday that its deal with lenders will allow it to exit from the chapter 11 proceedings with a stronger balance sheet and a reduced fleet size.
Spirit returned to bankruptcy court in August, less than a year after a previous chapter 11 restructuring failed to solve financial challenges posed by its no-frills business model.
The carrier has been unloading planes to save money and cut debt amid choppy demand in the overstupplied market for low-cost flying. Under the agreement, Spirit is projected to cut its annual fleet costs by more than $550 million, a reduction of over 65% from levels before its latest bankruptcy."
Nothing filed with the bankruptcy court yet.
The discount airline is set to tell a bankruptcy judge Tuesday that its deal with lenders will allow it to exit from the chapter 11 proceedings with a stronger balance sheet and a reduced fleet size.
Spirit returned to bankruptcy court in August, less than a year after a previous chapter 11 restructuring failed to solve financial challenges posed by its no-frills business model.
The carrier has been unloading planes to save money and cut debt amid choppy demand in the overstupplied market for low-cost flying. Under the agreement, Spirit is projected to cut its annual fleet costs by more than $550 million, a reduction of over 65% from levels before its latest bankruptcy."
Nothing filed with the bankruptcy court yet.
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