Spirit Airlines and GA Telesis have terminated their $519 million sale and leaseback deal, according to court documents filed under the airline's Chapter 11 proceedings.
Spirit had entered into an agreement with GA Telesis in October last year, where it had agreed to sell 23 A320ceo family aircraft to the latter for approximately $519 million.
“While some aircraft were delivered to GA Telesis… the purchase and sale obligations under the GA Telesis sale and purchase agreement have since terminated,” the court document read. “The debtors are currently in discussions with parties regarding a potential transaction for these aircraft.”
The document also said Spirit had completed a series of sale and leaseback transactions related to 14 spare engines, generating $250 million in net cash proceeds.