With Spirit in liquidation, what happens to its planes : NPR
NPR • • business
Key Points:
- Spirit Airlines ceased operations last weekend, leaving over 90 planes grounded at various airports, with many of its leased aircraft being repossessed by owners amid efforts to liquidate assets.
- More than 60 of Spirit's planes are leased, and owners are eager to reclaim them, but logistical challenges and resistance at airports complicate the repossession process.
- Spirit is seeking to monetize a range of assets including 28 Airbus A320 family planes it owns, airport gates at major hubs, maintenance facilities, and valuable takeoff and landing slots at congested airports like LaGuardia and Newark.
- The current high cost of jet fuel, which has risen about 70% since the war in Iran began, is dampening demand for Spirit's planes and other airline assets, potentially slowing the sale and liquidation process.
- As a result, many of Spirit's planes may remain parked in storage, such as at Phoenix Goodyear Airport, for an extended period while the company and creditors navigate the complex wind-down and asset sale.
