A US bankruptcy court has approved Spirit Airlines' sale of 23 Airbus narrowbodies to GA Telesis in a $519 million transaction. The first aircraft had been approved earlier in December and the remaining 18 aircraft were approved on December 18, 2024.
The purchase agreement was signed in October. Since then, Spirit filed for Chapter 11 bankruptcy.
The United States Bankruptcy Court for the Southern District of New York granted definitive approval for the transaction of 15 A320s and eight A321 aircraft sold to GA Telesis.
With the transaction approved, Spirit is set to improve its liquidity position and optimise its fleet, while also providing a boost to GA Telesis' narrowbody portfolio. The closing of the sale is expected to occur “over a specified period”, said GA Telesis, and will allow Spirit to continue streamlining its flight operations, which were also approved by the court to continue, as well as accelerate its restructuring efforts.
“This approval underscores the collaborative efforts of all parties involved, and we look forward to closing this transaction swiftly and supporting Spirit as it executes its restructuring plan,” said LIFT — GA Telesis' leasing and trading division — president Marc Cho.
The aircraft were manufactured between 2014 and 2019, and are expected to be handed over to GA Telesis through to the end of February 2025.