Spirit Airlines Secures $30.2 Million in Latest Asset Sale Amid Restructuring

Spirit Airlines US8485771021

As part of its ongoing Chapter 11 bankruptcy proceedings, Spirit Airlines has agreed to sell two airport gates at Chicago O’Hare International Airport to United Airlines for $30.2 million. This transaction represents the latest move in the carrier's aggressive turnaround strategy, which involves significant asset sales and operational downsizing to restore financial health.

The deal involves transferring the exclusive use rights and associated infrastructure for gates G12 and G14. This follows a similar transaction completed late in 2025, where Spirit sold two other Chicago gates to American Airlines for approximately $30 million.

Company leadership states that exclusive gate access is no longer necessary for its current and planned flight schedule. Consequently, Spirit will transition its Chicago operations to commonly shared terminals. While the airline will maintain a presence at O’Hare, it will do so with a substantially reduced flight frequency.

A "Shrink to Profitability" Blueprint

This gate sale is a key component of the "Shrink to Profitability" plan initiated when Spirit filed for bankruptcy protection for the second time in August 2025. The core objective is a major network reduction to return to profitability.

To achieve this, the company is implementing a 20% to 25% capacity cut for the full year 2026. Its operational blueprint includes a complete withdrawal from roughly 18 airports and the discontinuation of about 40 routes. Future focus will shift more heavily toward high-performing international leisure destinations. This downsizing is accompanied by severe cost-cutting measures, including workforce reductions that saw nearly 1,800 flight attendants furloughed in late 2025.

Financial Trajectory and Court Approval

The bankruptcy court in New York is scheduled to rule on the approval of this gate sale on February 24. The proceeds from the transaction are already earmarked for the early repayment of debtor-in-possession (DIP) financing, which provides essential liquidity throughout the restructuring process.

Spirit's financial projections illustrate the challenging path ahead:
* The company anticipates a net loss of $804 million for 2025.
* For 2026, an improved but still significant net loss of $145 million is forecast.
* The ultimate goal of these restructuring efforts is to return the airline to profitability by 2027.

The critical question remains whether asset sales like this $30.2 million deal will generate sufficient liquidity to sustain the carrier through its prolonged and complex restructuring.