Spirit Air sells jets to boost cash as possible bankruptcy looms

Spirit Airlines agreed to sell 23 Airbus SE aircraft for $519m, giving the budget carrier a much-needed cash boost as it nears a possible bankruptcy filing. Net proceeds from the sale, combined with eliminating the plane-related debt from its balance sheet, will boost Spirit’s liquidity by about $225m through year-end 2025, according to a regulatory filing Thursday. The airline plans to deliver the planes through February to the buyer, GA Telesis LLC. The deal comes as Spirit holds talks with Frontier Group Holdings Inc. about filing for bankruptcy to facilitate a takeover by the rival discount carrier, Bloomberg reported Wednesday. Spirit is facing a liquidity crisis after its attempt to merge with JetBlue Airways Corp. was blocked on antitrust grounds, and subsequent efforts for a rescue by creditors were unsuccessful. Spirit has sought to restructure its debt and said Thursday that it’s in “active and constructive discussions” with holders of senior secured notes due 2025 and convertible senior notes due 2026.<br/>