Condensed Consolidated Statements of Operations - USD ($) |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Operating revenues: | |||||
| Total operating revenues | $ 755,354,000 | $ 1,019,833,000 | $ 1,280,889,000 | $ 1,276,878,000 | $ 2,546,426,000 |
| Operating expenses: | |||||
| Salaries, wages and benefits | 308,585,000 | 367,361,000 | 418,378,000 | 443,573,000 | 849,861,000 |
| Aircraft fuel | 219,922,000 | 260,486,000 | 407,296,000 | 321,283,000 | 813,647,000 |
| Aircraft rent | 120,183,000 | 140,693,000 | 125,339,000 | 171,577,000 | 240,545,000 |
| Landing fees and other rents | 87,001,000 | 101,457,000 | 116,064,000 | 122,401,000 | 222,782,000 |
| Depreciation and amortization | 54,853,000 | 62,886,000 | 84,486,000 | 74,483,000 | 165,832,000 |
| Maintenance, materials and repairs | 47,498,000 | 48,747,000 | 52,453,000 | 59,956,000 | 107,368,000 |
| Distribution | 39,461,000 | 47,139,000 | 45,923,000 | 57,571,000 | 91,099,000 |
| Special charges (credits) | 0 | 0 | (381,000) | (4,000) | 35,877,000 |
| Loss (gain) on disposal of assets | 11,655,000 | (309,000) | (14,047,000) | (328,000) | (17,076,000) |
| Other operating | 153,395,000 | 175,496,000 | 197,890,000 | 212,446,000 | 396,340,000 |
| Total operating expenses | 1,042,553,000 | 1,203,956,000 | 1,433,401,000 | 1,462,958,000 | 2,906,275,000 |
| Operating income (loss) | (287,199,000) | (184,123,000) | (152,512,000) | (186,080,000) | (359,849,000) |
| Other (income) expense: | |||||
| Interest expense | 47,682,000 | 62,103,000 | 54,307,000 | 71,880,000 | 109,116,000 |
| Loss (gain) on extinguishment of debt | (87,000) | 0 | (14,996,000) | ||
| Capitalized interest | (956,000) | (557,000) | (5,689,000) | (675,000) | (15,692,000) |
| Interest income | (8,873,000) | (7,142,000) | (12,169,000) | (9,145,000) | (25,759,000) |
| Other (income) expense | 902,000 | 262,000 | 665,000 | 312,000 | (65,825,000) |
| Special charges, non-operating | 5,511,000 | 11,039,000 | 0 | 12,415,000 | 0 |
| Reorganization (gain) expense | (421,464,000) | 0 | 0 | ||
| Total other (income) expense | (377,285,000) | 65,705,000 | 37,114,000 | 74,787,000 | (13,156,000) |
| Income (loss) before income taxes | 90,086,000 | (249,828,000) | (189,626,000) | (260,867,000) | (346,693,000) |
| Provision (benefit) for income taxes | 17,870,000 | (3,997,000) | 3,301,000 | (4,100,000) | (11,131,000) |
| Net income (loss) | $ 72,216,000 | $ (245,831,000) | $ (192,927,000) | $ (256,767,000) | $ (335,562,000) |
| Basic earnings (loss) per share (in dollars per share) | $ 0.66 | $ (7.24) | $ (1.76) | $ (8.15) | $ (3.07) |
| Diluted earnings (loss) per share (in dollars per share) | $ 0.66 | $ (7.24) | $ (1.76) | $ (8.15) | $ (3.07) |
| Passenger | |||||
| Operating revenues: | |||||
| Total operating revenues | $ 740,610,000 | $ 1,000,806,000 | $ 1,253,803,000 | $ 1,253,765,000 | $ 2,493,113,000 |
| Other | |||||
| Operating revenues: | |||||
| Total operating revenues | $ 14,744,000 | $ 19,027,000 | $ 27,086,000 | $ 23,113,000 | $ 53,313,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | |||||
| Net income (loss) | $ 72,216 | $ (245,831) | $ (192,927) | $ (256,767) | $ (335,562) |
| Unrealized gain (loss) on short-term investment securities and cash and cash equivalents, net of deferred taxes of $— and $3 | (201) | 19 | (15) | 0 | (127) |
| Interest rate derivative loss reclassified into earnings, net of taxes of $— and $4 | 34 | 0 | 14 | (2) | 28 |
| Other comprehensive income (loss) | (167) | 19 | (1) | (2) | (99) |
| Comprehensive income (loss) | $ 72,049 | $ (245,812) | $ (192,928) | $ (256,769) | $ (335,661) |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | |||||
| Tax effect of the unrealized gain (loss) on short-term investment securities and cash and cash equivalents | $ 0 | $ 0 | $ 3 | $ 0 | $ 23 |
| Tax effect of interest rate derivative loss reclassified into earnings | $ 0 | $ 0 | $ 4 | $ 0 | $ 10 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) |
Jun. 30, 2025 |
Mar. 12, 2025 |
Jun. 30, 2024 |
|---|---|---|---|
| 8.00% Senior Secured Notes | Secured Debt | |||
| Stated interest rate percentage | 8.00% | 8.00% | 8.00% |
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In-Capital |
Treasury Stock |
Retained Earnings (Deficit) |
Accumulated Other Comprehensive Income (Loss) |
|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2023 | $ 1,134,342 | $ 11 | $ 1,158,278 | $ (80,635) | $ 56,755 | $ (67) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Derivative liability | 8,204 | 8,204 | ||||
| Share-based compensation | 3,080 | 3,080 | ||||
| Repurchase of common stock | (636) | (636) | ||||
| Changes in comprehensive income (loss) | (98) | (98) | ||||
| Net income (loss) | (142,635) | (142,635) | ||||
| Ending balance at Mar. 31, 2024 | 1,002,257 | 11 | 1,169,562 | (81,271) | (85,880) | (165) |
| Beginning balance at Dec. 31, 2023 | 1,134,342 | 11 | 1,158,278 | (80,635) | 56,755 | (67) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net income (loss) | (335,562) | |||||
| Ending balance at Jun. 30, 2024 | 809,662 | 11 | 1,169,904 | (81,280) | (278,807) | (166) |
| Beginning balance at Mar. 31, 2024 | 1,002,257 | 11 | 1,169,562 | (81,271) | (85,880) | (165) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Share-based compensation | 342 | 342 | ||||
| Repurchase of common stock | (9) | (9) | ||||
| Changes in comprehensive income (loss) | (1) | (1) | ||||
| Net income (loss) | (192,927) | (192,927) | ||||
| Ending balance at Jun. 30, 2024 | 809,662 | 11 | 1,169,904 | (81,280) | (278,807) | (166) |
| Beginning balance at Dec. 31, 2024 | (80,134) | 11 | 1,173,692 | (81,285) | (1,172,740) | 188 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Share-based compensation | 1,233 | 1,233 | ||||
| Changes in comprehensive income (loss) | (61) | (61) | ||||
| Net income (loss) | 72,216 | |||||
| Cancellation of Predecessor Equity | 6,746 | (11) | (1,174,925) | 81,285 | 1,100,524 | (127) |
| Issuance of Warrants | 441,745 | 441,745 | ||||
| Issuance of Successor common stock | 292,625 | 2 | 292,623 | |||
| Ending balance at Mar. 12, 2025 | 734,370 | 2 | 734,368 | 0 | 0 | 0 |
| Beginning balance at Dec. 31, 2024 | (80,134) | 11 | 1,173,692 | (81,285) | (1,172,740) | 188 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Issuance of Warrants | 441,700 | |||||
| Ending balance at Jun. 30, 2025 | 479,445 | 2 | 736,212 | 0 | (256,767) | (2) |
| Beginning balance at Mar. 12, 2025 | 734,370 | 2 | 734,368 | 0 | 0 | 0 |
| Ending balance at Mar. 13, 2025 | 734,370 | |||||
| Beginning balance at Mar. 12, 2025 | 734,370 | 2 | 734,368 | 0 | 0 | 0 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Changes in comprehensive income (loss) | (21) | (21) | ||||
| Net income (loss) | (10,936) | (10,936) | ||||
| Ending balance at Mar. 31, 2025 | 723,413 | 2 | 734,368 | 0 | (10,936) | (21) |
| Beginning balance at Mar. 12, 2025 | 734,370 | 2 | 734,368 | 0 | 0 | 0 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net income (loss) | (256,767) | |||||
| Ending balance at Jun. 30, 2025 | 479,445 | 2 | 736,212 | 0 | (256,767) | (2) |
| Beginning balance at Mar. 31, 2025 | 723,413 | 2 | 734,368 | 0 | (10,936) | (21) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Share-based compensation | 1,844 | 1,844 | ||||
| Changes in comprehensive income (loss) | 19 | 19 | ||||
| Net income (loss) | (245,831) | (245,831) | ||||
| Ending balance at Jun. 30, 2025 | $ 479,445 | $ 2 | $ 736,212 | $ 0 | $ (256,767) | $ (2) |
Basis of Presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Spirit Aviation Holdings, Inc. (“Spirit”) and its consolidated subsidiaries. The term "Company" is used to refer to (a) Spirit and its consolidated subsidiaries for periods on or after the Emergence Date (as defined below) and (b) Spirit Airlines, Inc. ("Spirit Airlines") and its consolidated subsidiaries for periods prior to the Emergence Date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments that management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 3, 2025. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect both the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. In addition, the classifications of certain prior year amounts have been adjusted in the Company's Condensed Consolidated Financial Statements and these Notes to conform to current year classifications. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. The air transportation business is subject to significant seasonal fluctuations as demand is generally greater in the second and third quarters of each year. The air transportation business is volatile and highly affected by economic cycles and trends. On November 18, 2024, (the “Petition Date”), Spirit Airlines commenced a voluntary case (the “Chapter 11 Case”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), and, on November 25, 2024, certain of Spirit Airlines' subsidiaries (together with Spirit Airlines, the “Company Parties”) also filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code and joined the Chapter 11 Case (collectively, the “Chapter 11 Cases”). On February 20, 2025, the Bankruptcy Court entered an order (the "Confirmation Order") confirming the First Amended Joint Chapter 11 Plan of Reorganization of Spirit Airlines, Inc. and Its Debtor Affiliates (the “Plan”). On March 12, 2025 (the “Emergence Date” or "Effective Date"), the Company Parties emerged from the Chapter 11 Cases in accordance with the Plan. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11, for additional information. Between the Petition Date and the Emergence Date, the Company Parties operated as debtors-in-possession under the supervision of the Bankruptcy Court. The effect of the Company’s emergence from bankruptcy has been applied to the financial statements as of close of business on March 12, 2025. As used herein, the following terms refer to the Company and its operations:
In accordance with ASC 852, with the application of fresh start accounting to the Successor Period, the Company allocated its reorganization value to its individual assets and liabilities based on their estimated fair value in conformity with FASB ASC Topic 820 - Fair Value Measurements and FASB ASC Topic 805 - Business Combinations. Accordingly, the Successor Period's condensed consolidated financial statements after March 12, 2025 are not comparable with the Predecessor's condensed consolidated financial statements as of or prior to that date. The Effective Date fair values of certain of the Successor’s assets and liabilities differ from their recorded values as reflected on the historical balance sheet of the Predecessor. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11 and Note 4, Fresh Start Accounting, for additional information. All estimates, assumptions, valuations and financial projections related to fresh start accounting, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, no assurances can be provided that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. For information about the use of estimates relating to fresh start accounting, refer to Note 4, Fresh Start Accounting. During the Current Predecessor Period, the Predecessor applied ASC 852 in preparing the unaudited financial statements, which requires distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that could have been impacted by the Chapter 11 Cases were classified as liabilities subject to compromise. Additionally, certain expenses, realized gains and losses and provisions for losses that were realized or incurred during and directly related to the Chapter 11 Cases, including fresh start valuation adjustments and gains on liabilities subject to compromise were recorded as reorganization items, net in the condensed consolidated statements of operations in the Current Predecessor Period. Due to the lack of comparability with historical financials, the Company’s unaudited financial statements and related footnotes are presented with a “black line” that separates the Predecessor and Successor periods to emphasize the lack of comparability between amounts presented as of and after March 12, 2025 (the “Fresh Start Reporting Date”) and amounts presented for all prior periods. The Successor’s financial results for future periods following the application of fresh start accounting will be different from historical trends and the differences may be material. Refer to Note 4, Fresh Start Accounting, for additional information. The Company evaluates events that occur after the balance sheet date, but before the financial statements are issued for potential recognition or disclosure. Going Concern On March 12, 2025, the Company emerged from the Chapter 11 Cases in accordance with the Plan. As part of the reorganization, the Company successfully restructured certain of its debt obligations, established new financing arrangements, and issued new equity securities consisting of new common stock and new warrants. However, the Company has continued to be affected by adverse market conditions, including elevated domestic capacity and continued weak demand for domestic leisure travel in the second quarter of 2025, resulting in a challenging pricing environment. As a result, the Company continues to experience challenges and uncertainties in its business operations and expects these trends to continue for at least the remainder of 2025. The Company has already taken certain measures to address these challenges, including the implementation of network and product enhancements, including its Premium Economy travel option, consummation of sale-leaseback transactions related to certain of its owned spare engines, and other discretionary cost reduction strategies, including the pilot furloughs announced in July 2025. After considering the measures taken, minimum liquidity covenants in the Company’s debt obligations and credit card processing agreement require financial results to improve at a rate faster than what the Company is currently anticipating. As a result, the Company plans to take additional liquidity enhancing measures, which may include the sale or other monetization of certain aircraft and real estate, the sale of excess airport gate capacity, elimination of certain fixed costs and other transactions to raise additional liquidity. The Company is in discussions with various stakeholders related to some of these future initiatives. The Company is also in discussions with representatives of its credit card processor, which has requested additional collateral to renew its credit card processing agreement, which expires on December 31, 2025. The level of collateral required to be posted could result in a material reduction of unrestricted cash. While it is the Company’s goal to execute on these initiatives, there can be no assurance that such initiatives will be successful. If these initiatives are unsuccessful, management believes it is probable that the Company will be unable to comply with the minimum liquidity covenants under the Company’s debt obligations and credit card processing agreement at some point in the next 12 months, which would result in an event of default (in the case of the Exit Revolving Credit Facility, if there are amounts drawn and outstanding under the Exit Revolving Credit Facility at that time), which could cause the maturity of the Company's debt obligations to be accelerated. Because of the uncertainty of successfully completing the initiatives to comply with the minimum liquidity covenants and of the outcome of discussions with Company stakeholders, management has concluded there is substantial doubt as to the Company’s ability to continue as a going concern within 12 months from the date these financial statements are issued. The Company’s condensed consolidated financial statements have been prepared assuming that it will continue to operate as a going concern, which contemplates the continuity of operations, realization of assets and liquidation of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern.
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Recent Accounting Developments |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Recent Accounting Developments | Recent Accounting Developments Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This standard is effective for the Company for the annual period beginning after December 15, 2024, with early adoption permitted. These amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the potential impact and related disclosure of adopting this new guidance within its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent annual reports. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). Subsequently, the FASB released ASU NO. 2025-01, which revises the effective date. This standard requires disclosure of specific information about costs and expenses and is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new standard.
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Emergence from Voluntary Reorganization under Chapter 11 |
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| Reorganization Items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Emergence from Voluntary Reorganization under Chapter 11 | Emergence from Voluntary Reorganization under Chapter 11 On the Petition Date, Spirit Airlines commenced the Chapter 11 Case under the Bankruptcy Code in the Bankruptcy Court, and, on November 25, 2024, certain of Spirit Airlines' subsidiaries also filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code and joined the Chapter 11 Cases. On February 20, 2025, the Bankruptcy Court entered the Confirmation Order confirming the Plan. On the Emergence Date, the Company Parties emerged from the Chapter 11 Cases in accordance with the Plan. From the Petition Date to the Emergence Date, the Company Parties operated their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Plan of Reorganization On the Emergence Date, all conditions precedent to the effectiveness of the Plan were either satisfied or waived, and the Company Parties emerged from the Chapter 11 Cases. In accordance with the Plan and effective as of the Emergence Date: •Cancellation of Senior Secured Notes and Convertible Notes. The then-outstanding Senior Secured Notes (Class 4 Claims) and Convertible Notes (Class 5 Claims) were canceled and terminated. Refer to Note 15, Debt and Other Obligations, for additional information. •Exit Secured Notes. Certain subsidiaries of Spirit issued $840.0 million of senior secured notes due 2030 (the “Exit Secured Notes”), at an interest rate of (x) 12.00% per annum, of which 8.00% per annum shall be payable in cash and 4.00% per annum shall be payable in-kind or, (y) if elected by the Company in advance of each quarterly interest period, at 11.00% per annum payable in cash, to certain creditors in the Chapter 11 Cases. Refer to Note 15, Debt and Other Obligations, for additional information. •Exit Revolving Credit Facility. Spirit and certain of its subsidiaries entered into Amended and Restated Credit and Guaranty Agreement with the lenders of the revolving credit facility due in 2026 (“Exit RCF” or "Exit Revolving Credit Facility") that provides revolving credit loans and letters of credit in an aggregated amount equal to $275.0 million and an uncommitted incremental revolving credit facility up to $25.0 million. The commitment of $275.0 million will be reduced to $250.0 million on September 30, 2026. Concurrently, Spirit Airlines paid the then- outstanding Revolving Credit Facility of $300.0 million (Class 3 Claims) in full. Refer to Note 15, Debt and Other Obligations, for additional information. •Termination of the Debtor-in-Possession Financing. The $300.0 million senior secured superpriority debtor-in-possession facility (the “DIP Facility”) that the Company Parties previously entered into was fully repaid and subsequently terminated. Refer to Note 15, Debt and Other Obligations, for additional information. •Common Stock and Warrants. Spirit issued 16,067,305 shares of a single class of common stock (the “Common Stock”) and 24,255,256 warrants to purchase shares of Common Stock (the “Warrants”) to certain creditors in the Chapter 11 Cases, as further described in Note 8, Equity, and certain adjustments set forth in the Plan. •Cancellation of Prior Equity Securities. All common stock, unvested equity awards, any outstanding PSP loan warrants and all other equity interests in Spirit Airlines that were outstanding immediately prior to the Emergence Date were terminated and canceled. Refer to Note 8, Equity, for additional information. •Settlement of Claims and Fees. General Administrative Claims, Professional Fee Claims, and fees payable to U.S. Trustee were or will be paid in full. •Unimpaired Claims. Other Secured Claims and Other Priority Claims were paid or will be paid in full in the ordinary course, were reinstated, or otherwise rendered unimpaired. General Unsecured Claims were reinstated or otherwise rendered unimpaired. •Election of Directors. Spirit appointed new members to its board of directors, and the directors of Spirit Airlines stepped down. •Charter and Bylaws. Pursuant to the Plan, Spirit amended and restated its certificate of incorporation (the “Charter”) and bylaws (the “Bylaws”), each of which became effective on the Effective Date. •Holding Company Reorganization. The Company completed a corporate reorganization (the “Corporate Reorganization”) pursuant to which Spirit became the new parent company, with Spirit Airlines becoming a wholly owned subsidiary of Spirit and converting from a Delaware corporation to a Delaware limited liability company. Spirit became the successor issuer to Spirit Airlines for SEC reporting purposes pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The costs of efforts to restructure the Company’s capital, prior to and during the Chapter 11 Cases, along with all other costs incurred in connection with the Chapter 11 Cases, have been material. Reorganization Items Any expenses and losses incurred or realized as of or subsequent to the Petition Date through the Emergence Date and as a direct result of the Chapter 11 Cases are recorded within reorganization (gain) expense on the Company's condensed consolidated statements of operations. For the Current Predecessor Period, the Company recorded $421.5 million of reorganization gain which consisted of the following items (in millions):
Special Charges, Non-Operating Expenses incurred prior to the Petition date or after the Emergence Date in relation to the Chapter 11 Cases are recorded within special charges, non-operating on the Company's condensed consolidated statements of operations. During the Current Successor Quarter, the Successor Period and the Current Predecessor Period the Company recorded charges of $11.0 million, $12.4 million and $5.5 million, respectively. Charges incurred during the Successor periods primarily related to post-emergence restructuring related expenses, including professional fees, other related costs, and termination and retention expenses. Charges incurred during the Current Predecessor Period primarily consisted of professional and other fees. Refer to Note 7, Special Charges (Credits) for additional information. Fresh Start Accounting On the Emergence Date, the Company qualified for and adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations (ASC 852), which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the implementation of the Plan and the application of fresh start accounting, these unaudited condensed consolidated financial statements after the Emergence Date are not comparable to the financial statements before that date and the historical financial statements on or before the Emergence Date are not a reliable indicator of its financial condition and results of operations for any period after the Company’s adoption of fresh start accounting. Refer to Note 4, Fresh Start Accounting for additional information. NYSE American Listing In connection with the Company's emergence from bankruptcy and consistent with its contractual obligations, the Company applied to list its common stock for listing on the NYSE American stock exchange. Trading began on April 29, 2025, under the symbol FLYY. Fresh Start AccountingAdoption of Fresh Start Accounting In connection with the emergence from bankruptcy and in accordance with ASC 852, the Company qualified for and adopted fresh start accounting on the Emergence Date because (1) the holders of the then-existing common shares of the Predecessor received less than 50% of the Common Stock shares of the Successor outstanding upon emergence and (2) the reorganization value of the Predecessor’s assets immediately prior to confirmation of the Plan of $8,720 million was less than the total of all post-petition liabilities and allowed claims of $9,819 million. In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to the Company’s assets and liabilities based on their fair values in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820), with limited exceptions (such as deferred taxes). The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes. With the application of fresh start accounting, the Company allocated its reorganization value to its individual assets and liabilities based on their estimated fair value. Accordingly, the condensed consolidated financial statements after March 12, 2025 are not comparable with the condensed consolidated financial statements as of or prior to that date. The Effective Date fair values of the Successor’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheet of the Predecessor. Reorganization Value The reorganization value represents the fair value of the Successor’s total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for the Successor’s assets immediately after restructuring. The Plan confirmed by the Bankruptcy Court estimated a range of enterprise values between $6.1 billion and $6.8 billion. The following table reconciles the enterprise value to the reorganization value of Successor’s assets that has been allocated to the Company’s individual assets as of the Fresh Start Reporting Date (in millions):
Analyses Management's advisors determined the enterprise and corresponding equity value of the Successor using various valuation methods, including (i) discounted cash flow analysis (“DCF”), (ii) public comparable analysis and (iii) precedent transaction analysis. The use of each approach provides corroboration for the other approaches. DCF Analysis. The DCF analysis is an enterprise valuation methodology that estimates the value of an asset or business by calculating the present value of expected future cash flows to be generated by that asset or business plus a present value of the estimated terminal value of that asset or business. Management's advisor’s DCF analysis used estimated debt-free, after-tax free cash flows through 2028. These cash flows were then discounted at a range of estimated weighted average costs of capital (“Discount Rate”) for Spirit. The Discount Rate reflects the estimated blended rate of return that would be expected by debt and equity investors to invest in Spirit's businesses based on a target capital structure. The enterprise value was determined by calculating the present value of Spirit’s unlevered after-tax free cash flows plus an estimate for the value of Spirit beyond the period covered by the projections reviewed known as the terminal value. Selected Publicly Traded Companies Analysis. The selected publicly traded companies analysis is based on the enterprise values of selected publicly traded companies that have operating and financial characteristics comparable in certain respects to Spirit. For example, such characteristics may include similar industry, size, and scale of operations, operating margins, growth rates, and geographical exposure. Under this methodology, certain financial multiples that measure financial performance and value are calculated for each selected company and then applied to Spirit’s financials to imply an enterprise value for Spirit. Management advisor used, among other measures, enterprise value (defined as market value of equity, plus book value of debt and book value of preferred stock and minority interests, less cash, subject to adjustments for underfunded obligations and other items where appropriate) for each selected company as a multiple of such company’s publicly available consensus projected EBITDAR for fiscal years 2025 and 2026. Although the selected companies were used for comparison purposes, no selected publicly traded company is either identical or directly comparable to Spirit or its businesses. Accordingly, management advisor’s comparison of selected publicly traded companies to Spirit and its businesses, and its analysis of the results of such comparisons, was not purely mathematical, but instead involved considerations and judgments concerning differences in operating and financial characteristics and other factors that could affect the relative values of the selected publicly traded companies and Spirit. The selection of appropriate companies for this analysis is a matter of judgment and subject to limitations due to sample size and the public availability of meaningful market-based information. Selected Transaction Analysis. The selected transactions analysis is based on the implied enterprise values of companies and assets involved in publicly disclosed merger and acquisition transactions for which the targets had operating and financial characteristics comparable in certain respects to Spirit. Under this methodology, the enterprise value of each such target is determined by an analysis of the consideration paid and the net debt assumed in the merger or acquisition transaction. The enterprise value is then compared to a selected financial metric, in this case, EBITDAR for Spirit, respectively, for fiscal years 2025 and 2026, to determine an enterprise value multiple. In this analysis, the EBITDAR enterprise value multiples were utilized to determine a range of implied enterprise value for Spirit. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company's valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, the Company cannot provide assurances that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The reorganization value was allocated to the Successor's single reporting segment using the discounted cash flow approach. The reorganization value was then allocated to the Successor’s identifiable assets and liabilities using the fair value principle as contemplated in ASC 820. The specific approach, or approaches, used to allocate reorganization value by asset class are noted below. To determine fair value adjustments as of the Effective Date, the Company engaged third-party valuation specialists to conduct an analysis of the condensed consolidated balance sheets to determine the fair values of each balance. The most significant fair value adjustments were made to property and equipment, operating lease right-of-use assets and operating lease liabilities, assets held-for-sale, airport take-off and landing rights or "slots", and debt as discussed below. Property and Equipment The depreciable lives of the Company's assets were not changed as a result of the adoption of fresh start accounting. Aircraft and Engines. The aircraft and engines were valued as of the emergence date, using a market approach. Multiple third-party valuation resources (including appraisals of specific aircraft/engines) were consulted and relied upon for estimates of recent half-life and maintenance adjusted ranges for all of the aircraft and engines. Real Property. The fair values of real property locations were estimated using the sales comparison (market) approach and cost approach. As part of the valuation process, information was obtained on the Successor’s current usage, building type, year built, and cost history for properties. In determining the fair value for real property assets, functional and economic obsolescence was considered and taken as an adjustment at the asset level. Personal Property. The fair values of the Company’s other personal property (non-aircraft/engines) were estimated using either the cost or market approach. For most personal property categories, a cost approach was utilized relying on purchase year, historic costs, and industry/equipment-based inflation factors to determine replacement cost new of the assets. Readily available market transaction data was used and adjusted for current market conditions for asset categories with active secondary markets such as heavy trucks and computer equipment. In both approaches, consideration was made for the effects of physical deterioration as well as functional and economic obsolescence in determining estimates of fair value. Operating Right-of-Use Assets and Operating Lease Liabilities The fair value of operating lease liabilities and the related right-of-use assets was evaluated using the income approach, which is measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Fresh Start Reporting Date. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company's leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Successor used publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Additionally, each lease was evaluated for off-market terms as of the Fresh Start Accounting Reporting Date, and the related adjustments were recorded to the right of use asset on the Company's condensed consolidated balance sheets. Airport Take-Off and Landing Rights or Slots The fair value of the Company’s 22 airport take-off and landing rights (the “Slots”) at the LaGuardia Airport (“LGA”), a slot-controlled airport, was estimated using a market approach or sales-comparison approach. Specifically, the LGA Slots were valued using observable transaction data for historical sales of other airport take-off and landing rights at LGA. The data was reviewed to estimate a fair value price per Slot, which was applied to the Company’s LGA Slots. Asset Held-for-Sale Assets held for sale within the Company's condensed consolidated balance sheets, includes 21 aircraft planned for future sales. These aircraft are not being utilized within the operation and are available for immediate sale as of the Fresh Start reporting date and have been valued at the expected net sale prices (fair value less costs to sell) based upon the executed agreement. Debt As of the Emergence Date, Spirit had 35 individual debt instruments comprised of Exit Secured Notes, 4 publicly-traded Enhanced Equipment Trust Certificates ("EETCs"), 22 Fixed Aircraft loans, and 3 Payroll Support Program Agreements. The Company used an income approach, where future cash flows are discounted to present value using a discount rate selected by considering benchmark credit spreads and yield to maturities, to arrive at the estimated fair value for each debt instrument mentioned. Exit Secured Notes. Upon Emergence, the Company issued $840 million of Exit Secured Notes, which began trading on March 18, 2025 at 92.50% of par. The Company used a discounted cash flow approach to determine the fair value of the Exit Secured Notes on the Emergence Date. Enhanced Equipment Trust Certificates (EETC). The Company used publicly available trading prices as of the Emergence Date, ranging from 87.32% to 92.85% to determine the fair value of the EETCs. Fixed-rate Aircraft Loans. Spirit has 22 individual Aircraft Loans issued to finance the purchase of specific aircraft. The Company used a discounted cash flow approach to determine the fair value of the Aircraft Loans. Since each of these loans is fully collateralized with first liens on the related aircraft, the Company applied a notching method to its current credit rating and utilized a credit rating of BB in the valuation of these debt instruments. The Company concluded that the fair value of the Aircraft Loans ranged from 95.61% to 99.84% of par, depending on the loan, as of the Fresh Start accounting Reporting Date. Payroll Support Program ("PSP"). The Payroll Support Program ("PSP"), under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided payroll support to passenger and cargo air carriers and certain contractors for the continuation of payment of employee wages, salaries, and benefits. The PSP loans were valued using a discounted cash flow approach based on a CCC- rating based on an estimated yield leveraging federal reserve economic data ("FRED") and other observable yields as of the Emergence Date. Condensed Consolidated Successor Balance Sheet The adjustments included in the following fresh start condensed consolidated balance sheet as of March 12, 2025 reflect the effects of the transactions contemplated by the Plan and executed by the Successor on the Fresh Start Reporting Date (reflected in the column Reorganization Adjustments), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column Fresh Start Adjustments). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. The condensed consolidated balance sheet as of the Fresh Start Reporting Date was as follows (in thousands):
Balance Sheet Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following:
(2) Changes in restricted cash include the following:
(3) Changes in prepaid expenses and other current assets are related to certain debt issuance costs related to the Exit Revolving Credit Facility. (4) Changes in accounts payable were due to the payment of $8.2 million in professional fees and recognition of $2.6 million of success fees earned at Emergence. (5) The change in current maturities of long-term debt was due to the repayment of the $309.0 million principal balance of the Debtor in Possession facility at Emergence. (6) Changes to other liabilities included the following:
(7) Changes in long-term debt include the following:
(8) Liabilities subject to compromise settled in accordance with the Plan:
The resulting gain on liabilities subject to compromise was determined as follows:
(9) Changes to Predecessor common stock, additional paid-in-capital, and treasury stock are due to the extinguishment of Predecessor equity per the Plan. (10) Reflects the Successor equity including the issuance of 16,067,305 shares of Common Stock and 24,255,256 Warrants, consisting of 3,617,385 Tranche 1 Warrants and 20,637,871 Tranche 2 Warrants pursuant to the Plan.
The value of Successor equity issued per the Plan and ERO was derived from the Selected Enterprise Value as shown in the table below (in millions):
(11) Changes to retained earnings included the following:
Balance Sheet Fresh Start Adjustments (in thousands) (12) The change in flight equipment represents the fair value adjustments to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of flight equipment by asset class:
(13) The change in ground property and equipment represents the fair value adjustment to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of ground property and equipment by asset class:
(14) The Company's accumulated depreciation incurred in the Predecessor periods has been eliminated with the adoption of fresh start accounting. (15) The change in operating lease right of use assets is due to the change in the Company's incremental borrowing rate used in the calculation of operating lease right of use assets and operating lease liabilities, as well as adjustment for off-market terms. (16) The change in intangible assets represents the fair value adjustment to the Company's air carrier slots due to the adoption of fresh start accounting. The air carrier slots were valued at $83.5 million as of the Emergence Date. (17) Changes to deferred heavy maintenance, net are due to the write-off of $120.9 million of capitalized deferred heavy maintenance costs related to the Company's owned aircraft with the adoption of fresh start accounting. The aircraft and spare engines values as of the emergence date, were determined using a market approach, and included recent half-life and maintenance adjusted values. (18) Changes to long-term debt include adjustments to the carrying values of the Company's debt instruments to their fair value as of the Fresh Start Reporting Date. The fair value adjustments to the carrying value for each type of debt instrument are noted below:
(19) The change in other current liabilities and deferred gains and other long-term liabilities is due to the elimination of $24.5 million in the financial liability originally recorded to account for off-market terms on sale leaseback transactions completed in prior periods, commensurate with the adjustment of operating lease liabilities due to the change in the Company's incremental borrowing rate. (20) The change to deferred income taxes is due to the increase of the net deferred tax liability of $16.9 million resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (21) Change to retained earnings included the following:
(22) Changes to accumulated other comprehensive income (loss) represent the write-off of Predecessor balance due to the adoption of fresh start accounting.
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Fresh Start Accounting |
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| Reorganizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fresh Start Accounting | Emergence from Voluntary Reorganization under Chapter 11 On the Petition Date, Spirit Airlines commenced the Chapter 11 Case under the Bankruptcy Code in the Bankruptcy Court, and, on November 25, 2024, certain of Spirit Airlines' subsidiaries also filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code and joined the Chapter 11 Cases. On February 20, 2025, the Bankruptcy Court entered the Confirmation Order confirming the Plan. On the Emergence Date, the Company Parties emerged from the Chapter 11 Cases in accordance with the Plan. From the Petition Date to the Emergence Date, the Company Parties operated their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Plan of Reorganization On the Emergence Date, all conditions precedent to the effectiveness of the Plan were either satisfied or waived, and the Company Parties emerged from the Chapter 11 Cases. In accordance with the Plan and effective as of the Emergence Date: •Cancellation of Senior Secured Notes and Convertible Notes. The then-outstanding Senior Secured Notes (Class 4 Claims) and Convertible Notes (Class 5 Claims) were canceled and terminated. Refer to Note 15, Debt and Other Obligations, for additional information. •Exit Secured Notes. Certain subsidiaries of Spirit issued $840.0 million of senior secured notes due 2030 (the “Exit Secured Notes”), at an interest rate of (x) 12.00% per annum, of which 8.00% per annum shall be payable in cash and 4.00% per annum shall be payable in-kind or, (y) if elected by the Company in advance of each quarterly interest period, at 11.00% per annum payable in cash, to certain creditors in the Chapter 11 Cases. Refer to Note 15, Debt and Other Obligations, for additional information. •Exit Revolving Credit Facility. Spirit and certain of its subsidiaries entered into Amended and Restated Credit and Guaranty Agreement with the lenders of the revolving credit facility due in 2026 (“Exit RCF” or "Exit Revolving Credit Facility") that provides revolving credit loans and letters of credit in an aggregated amount equal to $275.0 million and an uncommitted incremental revolving credit facility up to $25.0 million. The commitment of $275.0 million will be reduced to $250.0 million on September 30, 2026. Concurrently, Spirit Airlines paid the then- outstanding Revolving Credit Facility of $300.0 million (Class 3 Claims) in full. Refer to Note 15, Debt and Other Obligations, for additional information. •Termination of the Debtor-in-Possession Financing. The $300.0 million senior secured superpriority debtor-in-possession facility (the “DIP Facility”) that the Company Parties previously entered into was fully repaid and subsequently terminated. Refer to Note 15, Debt and Other Obligations, for additional information. •Common Stock and Warrants. Spirit issued 16,067,305 shares of a single class of common stock (the “Common Stock”) and 24,255,256 warrants to purchase shares of Common Stock (the “Warrants”) to certain creditors in the Chapter 11 Cases, as further described in Note 8, Equity, and certain adjustments set forth in the Plan. •Cancellation of Prior Equity Securities. All common stock, unvested equity awards, any outstanding PSP loan warrants and all other equity interests in Spirit Airlines that were outstanding immediately prior to the Emergence Date were terminated and canceled. Refer to Note 8, Equity, for additional information. •Settlement of Claims and Fees. General Administrative Claims, Professional Fee Claims, and fees payable to U.S. Trustee were or will be paid in full. •Unimpaired Claims. Other Secured Claims and Other Priority Claims were paid or will be paid in full in the ordinary course, were reinstated, or otherwise rendered unimpaired. General Unsecured Claims were reinstated or otherwise rendered unimpaired. •Election of Directors. Spirit appointed new members to its board of directors, and the directors of Spirit Airlines stepped down. •Charter and Bylaws. Pursuant to the Plan, Spirit amended and restated its certificate of incorporation (the “Charter”) and bylaws (the “Bylaws”), each of which became effective on the Effective Date. •Holding Company Reorganization. The Company completed a corporate reorganization (the “Corporate Reorganization”) pursuant to which Spirit became the new parent company, with Spirit Airlines becoming a wholly owned subsidiary of Spirit and converting from a Delaware corporation to a Delaware limited liability company. Spirit became the successor issuer to Spirit Airlines for SEC reporting purposes pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The costs of efforts to restructure the Company’s capital, prior to and during the Chapter 11 Cases, along with all other costs incurred in connection with the Chapter 11 Cases, have been material. Reorganization Items Any expenses and losses incurred or realized as of or subsequent to the Petition Date through the Emergence Date and as a direct result of the Chapter 11 Cases are recorded within reorganization (gain) expense on the Company's condensed consolidated statements of operations. For the Current Predecessor Period, the Company recorded $421.5 million of reorganization gain which consisted of the following items (in millions):
Special Charges, Non-Operating Expenses incurred prior to the Petition date or after the Emergence Date in relation to the Chapter 11 Cases are recorded within special charges, non-operating on the Company's condensed consolidated statements of operations. During the Current Successor Quarter, the Successor Period and the Current Predecessor Period the Company recorded charges of $11.0 million, $12.4 million and $5.5 million, respectively. Charges incurred during the Successor periods primarily related to post-emergence restructuring related expenses, including professional fees, other related costs, and termination and retention expenses. Charges incurred during the Current Predecessor Period primarily consisted of professional and other fees. Refer to Note 7, Special Charges (Credits) for additional information. Fresh Start Accounting On the Emergence Date, the Company qualified for and adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations (ASC 852), which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the implementation of the Plan and the application of fresh start accounting, these unaudited condensed consolidated financial statements after the Emergence Date are not comparable to the financial statements before that date and the historical financial statements on or before the Emergence Date are not a reliable indicator of its financial condition and results of operations for any period after the Company’s adoption of fresh start accounting. Refer to Note 4, Fresh Start Accounting for additional information. NYSE American Listing In connection with the Company's emergence from bankruptcy and consistent with its contractual obligations, the Company applied to list its common stock for listing on the NYSE American stock exchange. Trading began on April 29, 2025, under the symbol FLYY. Fresh Start AccountingAdoption of Fresh Start Accounting In connection with the emergence from bankruptcy and in accordance with ASC 852, the Company qualified for and adopted fresh start accounting on the Emergence Date because (1) the holders of the then-existing common shares of the Predecessor received less than 50% of the Common Stock shares of the Successor outstanding upon emergence and (2) the reorganization value of the Predecessor’s assets immediately prior to confirmation of the Plan of $8,720 million was less than the total of all post-petition liabilities and allowed claims of $9,819 million. In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to the Company’s assets and liabilities based on their fair values in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820), with limited exceptions (such as deferred taxes). The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes. With the application of fresh start accounting, the Company allocated its reorganization value to its individual assets and liabilities based on their estimated fair value. Accordingly, the condensed consolidated financial statements after March 12, 2025 are not comparable with the condensed consolidated financial statements as of or prior to that date. The Effective Date fair values of the Successor’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheet of the Predecessor. Reorganization Value The reorganization value represents the fair value of the Successor’s total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for the Successor’s assets immediately after restructuring. The Plan confirmed by the Bankruptcy Court estimated a range of enterprise values between $6.1 billion and $6.8 billion. The following table reconciles the enterprise value to the reorganization value of Successor’s assets that has been allocated to the Company’s individual assets as of the Fresh Start Reporting Date (in millions):
Analyses Management's advisors determined the enterprise and corresponding equity value of the Successor using various valuation methods, including (i) discounted cash flow analysis (“DCF”), (ii) public comparable analysis and (iii) precedent transaction analysis. The use of each approach provides corroboration for the other approaches. DCF Analysis. The DCF analysis is an enterprise valuation methodology that estimates the value of an asset or business by calculating the present value of expected future cash flows to be generated by that asset or business plus a present value of the estimated terminal value of that asset or business. Management's advisor’s DCF analysis used estimated debt-free, after-tax free cash flows through 2028. These cash flows were then discounted at a range of estimated weighted average costs of capital (“Discount Rate”) for Spirit. The Discount Rate reflects the estimated blended rate of return that would be expected by debt and equity investors to invest in Spirit's businesses based on a target capital structure. The enterprise value was determined by calculating the present value of Spirit’s unlevered after-tax free cash flows plus an estimate for the value of Spirit beyond the period covered by the projections reviewed known as the terminal value. Selected Publicly Traded Companies Analysis. The selected publicly traded companies analysis is based on the enterprise values of selected publicly traded companies that have operating and financial characteristics comparable in certain respects to Spirit. For example, such characteristics may include similar industry, size, and scale of operations, operating margins, growth rates, and geographical exposure. Under this methodology, certain financial multiples that measure financial performance and value are calculated for each selected company and then applied to Spirit’s financials to imply an enterprise value for Spirit. Management advisor used, among other measures, enterprise value (defined as market value of equity, plus book value of debt and book value of preferred stock and minority interests, less cash, subject to adjustments for underfunded obligations and other items where appropriate) for each selected company as a multiple of such company’s publicly available consensus projected EBITDAR for fiscal years 2025 and 2026. Although the selected companies were used for comparison purposes, no selected publicly traded company is either identical or directly comparable to Spirit or its businesses. Accordingly, management advisor’s comparison of selected publicly traded companies to Spirit and its businesses, and its analysis of the results of such comparisons, was not purely mathematical, but instead involved considerations and judgments concerning differences in operating and financial characteristics and other factors that could affect the relative values of the selected publicly traded companies and Spirit. The selection of appropriate companies for this analysis is a matter of judgment and subject to limitations due to sample size and the public availability of meaningful market-based information. Selected Transaction Analysis. The selected transactions analysis is based on the implied enterprise values of companies and assets involved in publicly disclosed merger and acquisition transactions for which the targets had operating and financial characteristics comparable in certain respects to Spirit. Under this methodology, the enterprise value of each such target is determined by an analysis of the consideration paid and the net debt assumed in the merger or acquisition transaction. The enterprise value is then compared to a selected financial metric, in this case, EBITDAR for Spirit, respectively, for fiscal years 2025 and 2026, to determine an enterprise value multiple. In this analysis, the EBITDAR enterprise value multiples were utilized to determine a range of implied enterprise value for Spirit. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company's valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, the Company cannot provide assurances that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The reorganization value was allocated to the Successor's single reporting segment using the discounted cash flow approach. The reorganization value was then allocated to the Successor’s identifiable assets and liabilities using the fair value principle as contemplated in ASC 820. The specific approach, or approaches, used to allocate reorganization value by asset class are noted below. To determine fair value adjustments as of the Effective Date, the Company engaged third-party valuation specialists to conduct an analysis of the condensed consolidated balance sheets to determine the fair values of each balance. The most significant fair value adjustments were made to property and equipment, operating lease right-of-use assets and operating lease liabilities, assets held-for-sale, airport take-off and landing rights or "slots", and debt as discussed below. Property and Equipment The depreciable lives of the Company's assets were not changed as a result of the adoption of fresh start accounting. Aircraft and Engines. The aircraft and engines were valued as of the emergence date, using a market approach. Multiple third-party valuation resources (including appraisals of specific aircraft/engines) were consulted and relied upon for estimates of recent half-life and maintenance adjusted ranges for all of the aircraft and engines. Real Property. The fair values of real property locations were estimated using the sales comparison (market) approach and cost approach. As part of the valuation process, information was obtained on the Successor’s current usage, building type, year built, and cost history for properties. In determining the fair value for real property assets, functional and economic obsolescence was considered and taken as an adjustment at the asset level. Personal Property. The fair values of the Company’s other personal property (non-aircraft/engines) were estimated using either the cost or market approach. For most personal property categories, a cost approach was utilized relying on purchase year, historic costs, and industry/equipment-based inflation factors to determine replacement cost new of the assets. Readily available market transaction data was used and adjusted for current market conditions for asset categories with active secondary markets such as heavy trucks and computer equipment. In both approaches, consideration was made for the effects of physical deterioration as well as functional and economic obsolescence in determining estimates of fair value. Operating Right-of-Use Assets and Operating Lease Liabilities The fair value of operating lease liabilities and the related right-of-use assets was evaluated using the income approach, which is measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Fresh Start Reporting Date. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company's leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Successor used publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Additionally, each lease was evaluated for off-market terms as of the Fresh Start Accounting Reporting Date, and the related adjustments were recorded to the right of use asset on the Company's condensed consolidated balance sheets. Airport Take-Off and Landing Rights or Slots The fair value of the Company’s 22 airport take-off and landing rights (the “Slots”) at the LaGuardia Airport (“LGA”), a slot-controlled airport, was estimated using a market approach or sales-comparison approach. Specifically, the LGA Slots were valued using observable transaction data for historical sales of other airport take-off and landing rights at LGA. The data was reviewed to estimate a fair value price per Slot, which was applied to the Company’s LGA Slots. Asset Held-for-Sale Assets held for sale within the Company's condensed consolidated balance sheets, includes 21 aircraft planned for future sales. These aircraft are not being utilized within the operation and are available for immediate sale as of the Fresh Start reporting date and have been valued at the expected net sale prices (fair value less costs to sell) based upon the executed agreement. Debt As of the Emergence Date, Spirit had 35 individual debt instruments comprised of Exit Secured Notes, 4 publicly-traded Enhanced Equipment Trust Certificates ("EETCs"), 22 Fixed Aircraft loans, and 3 Payroll Support Program Agreements. The Company used an income approach, where future cash flows are discounted to present value using a discount rate selected by considering benchmark credit spreads and yield to maturities, to arrive at the estimated fair value for each debt instrument mentioned. Exit Secured Notes. Upon Emergence, the Company issued $840 million of Exit Secured Notes, which began trading on March 18, 2025 at 92.50% of par. The Company used a discounted cash flow approach to determine the fair value of the Exit Secured Notes on the Emergence Date. Enhanced Equipment Trust Certificates (EETC). The Company used publicly available trading prices as of the Emergence Date, ranging from 87.32% to 92.85% to determine the fair value of the EETCs. Fixed-rate Aircraft Loans. Spirit has 22 individual Aircraft Loans issued to finance the purchase of specific aircraft. The Company used a discounted cash flow approach to determine the fair value of the Aircraft Loans. Since each of these loans is fully collateralized with first liens on the related aircraft, the Company applied a notching method to its current credit rating and utilized a credit rating of BB in the valuation of these debt instruments. The Company concluded that the fair value of the Aircraft Loans ranged from 95.61% to 99.84% of par, depending on the loan, as of the Fresh Start accounting Reporting Date. Payroll Support Program ("PSP"). The Payroll Support Program ("PSP"), under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided payroll support to passenger and cargo air carriers and certain contractors for the continuation of payment of employee wages, salaries, and benefits. The PSP loans were valued using a discounted cash flow approach based on a CCC- rating based on an estimated yield leveraging federal reserve economic data ("FRED") and other observable yields as of the Emergence Date. Condensed Consolidated Successor Balance Sheet The adjustments included in the following fresh start condensed consolidated balance sheet as of March 12, 2025 reflect the effects of the transactions contemplated by the Plan and executed by the Successor on the Fresh Start Reporting Date (reflected in the column Reorganization Adjustments), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column Fresh Start Adjustments). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. The condensed consolidated balance sheet as of the Fresh Start Reporting Date was as follows (in thousands):
Balance Sheet Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following:
(2) Changes in restricted cash include the following:
(3) Changes in prepaid expenses and other current assets are related to certain debt issuance costs related to the Exit Revolving Credit Facility. (4) Changes in accounts payable were due to the payment of $8.2 million in professional fees and recognition of $2.6 million of success fees earned at Emergence. (5) The change in current maturities of long-term debt was due to the repayment of the $309.0 million principal balance of the Debtor in Possession facility at Emergence. (6) Changes to other liabilities included the following:
(7) Changes in long-term debt include the following:
(8) Liabilities subject to compromise settled in accordance with the Plan:
The resulting gain on liabilities subject to compromise was determined as follows:
(9) Changes to Predecessor common stock, additional paid-in-capital, and treasury stock are due to the extinguishment of Predecessor equity per the Plan. (10) Reflects the Successor equity including the issuance of 16,067,305 shares of Common Stock and 24,255,256 Warrants, consisting of 3,617,385 Tranche 1 Warrants and 20,637,871 Tranche 2 Warrants pursuant to the Plan.
The value of Successor equity issued per the Plan and ERO was derived from the Selected Enterprise Value as shown in the table below (in millions):
(11) Changes to retained earnings included the following:
Balance Sheet Fresh Start Adjustments (in thousands) (12) The change in flight equipment represents the fair value adjustments to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of flight equipment by asset class:
(13) The change in ground property and equipment represents the fair value adjustment to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of ground property and equipment by asset class:
(14) The Company's accumulated depreciation incurred in the Predecessor periods has been eliminated with the adoption of fresh start accounting. (15) The change in operating lease right of use assets is due to the change in the Company's incremental borrowing rate used in the calculation of operating lease right of use assets and operating lease liabilities, as well as adjustment for off-market terms. (16) The change in intangible assets represents the fair value adjustment to the Company's air carrier slots due to the adoption of fresh start accounting. The air carrier slots were valued at $83.5 million as of the Emergence Date. (17) Changes to deferred heavy maintenance, net are due to the write-off of $120.9 million of capitalized deferred heavy maintenance costs related to the Company's owned aircraft with the adoption of fresh start accounting. The aircraft and spare engines values as of the emergence date, were determined using a market approach, and included recent half-life and maintenance adjusted values. (18) Changes to long-term debt include adjustments to the carrying values of the Company's debt instruments to their fair value as of the Fresh Start Reporting Date. The fair value adjustments to the carrying value for each type of debt instrument are noted below:
(19) The change in other current liabilities and deferred gains and other long-term liabilities is due to the elimination of $24.5 million in the financial liability originally recorded to account for off-market terms on sale leaseback transactions completed in prior periods, commensurate with the adjustment of operating lease liabilities due to the change in the Company's incremental borrowing rate. (20) The change to deferred income taxes is due to the increase of the net deferred tax liability of $16.9 million resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (21) Change to retained earnings included the following:
(22) Changes to accumulated other comprehensive income (loss) represent the write-off of Predecessor balance due to the adoption of fresh start accounting.
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Revenue |
6 Months Ended |
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Jun. 30, 2025 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue | Revenue Operating revenues are comprised of passenger revenues and other revenues. Passenger revenues are primarily comprised of fares and related ancillary items such as bags, seats and other travel-related fees. Other revenues primarily consist of the marketing component of the sale of loyalty points to the Company's credit card partner and commissions revenue from the sale of various items, such as hotels and rental cars. Passenger revenues are generally recognized once the related flight departs. Accordingly, the value of tickets and non-fare revenues sold in advance of travel is included under the Company's current liabilities as “air traffic liability,” or “ATL,” until the related air travel is provided. As of June 30, 2025 and December 31, 2024, the Company had ATL balances of $407.5 million and $436.8 million, respectively. Substantially all of the Company's ATL is expected to be recognized within 12 months of the respective balance sheet date. Loyalty Programs The Company operates the Spirit Saver$ Club®, which is a subscription-based loyalty program that allows members access to exclusive, extra-low fares, as well as discounted prices on bags and seats, shortcut boarding and security, and exclusive offers on hotels, rental cars and other travel necessities. The Company also operates the Free Spirit loyalty program, which attracts members and partners and builds customer loyalty for the Company by offering a variety of awards, benefits and services. Free Spirit loyalty program members earn and accrue points for dollars spent on Spirit for flights and other non-fare services, as well as services from non-air partners such as retail merchants, hotels or car rental companies. Customers can also earn points based on their spending with the Company's co-branded credit card company with which the Company has an agreement to sell points. The Company's co-branded credit card agreement provides for joint marketing pursuant to which cardholders earn points by making purchases using co-branded cards. Points earned and accrued by Free Spirit loyalty program members can be redeemed for travel awards such as free (other than taxes and government-imposed fees), discounted or upgraded travel. The Company's agreement with the administrator of the Free Spirit affinity credit card program expires on December 31, 2028. The Company defers the amount of award travel obligations as part of loyalty deferred revenue within ATL on the Company's condensed consolidated balance sheets and recognizes loyalty travel awards in passenger revenues as points are used for travel or expire unused.
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Loss (Gain) on Disposal |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Loss (Gain) on Disposal | Loss (Gain) on Disposal During the three months ended June 30, 2025 and the Successor Period, the Company recorded a net gain of $0.3 million within loss (gain) on disposal of assets in the condensed consolidated statements of operations. This net gain included a $2.9 million gain recorded as a result of one aircraft sale leaseback transaction related to a new aircraft delivery completed during the second quarter of 2025. The gain was partially offset by a $1.7 million loss resulting from an adjustment to previously recorded impairment charges recorded in the fourth quarter of 2024, reflecting a change in estimated costs to sell associated with the Company’s aircraft sale and purchase agreement with GAT entered into on October 29, 2024, as well as $0.9 million in losses related to the write-off of obsolete assets and other adjustments. During the Current Predecessor Period, the Company recorded a loss of $11.7 million within loss (gain) on disposal of assets in the condensed consolidated statements of operations. This loss included an $18.5 million adjustment to previously recorded impairment charges in the fourth quarter of 2024, reflecting a change in estimated costs to sell associated with the Company’s aircraft sale and purchase agreement with GA Telesis, LLC ("GAT") entered into on October 29, 2024, as well as $0.4 million in losses, related to the write-off of obsolete assets and other adjustments. These losses were partially offset by a $6.4 million gain recorded as a result of two aircraft sale leaseback transactions related to new aircraft deliveries completed during the Current Predecessor Period and a $0.9 million net gain true-up recorded related to the sale of A319 airframes and engines sold in 2024.
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Special Charges (Credits) |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Special Charges and Credits [Abstract] | |
| Special Charges (Credits) | Special Charges (Credits) Special Charges, Non-Operating During the three months ended June 30, 2025, the Successor Period and the Current Predecessor Period, the Company recorded $11.0 million, $12.4 million and $5.5 million, respectively, in special charges, non-operating within other (income) expense in the condensed consolidated statement of operations. Charges incurred during the three months ended June 30, 2025 and the Successor Period primarily related to post-emergence restructuring related expenses, including professional fees, other related costs, and termination and retention expenses. Charges incurred during the Current Predecessor Period primarily consisted of professional and other fees.
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Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Equity | Equity Cancellation of Prior Equity Securities In accordance with the Plan, on the Effective Date, all equity securities in Spirit Airlines outstanding prior to the Effective Date, including Spirit Airlines' common stock, par value $0.0001 per share (the “Old Common Stock”), were canceled, released, and extinguished, and of no further force or effect and without any need for a holder of Old Common Stock to take further action with respect thereto. Furthermore, all of Spirit Airlines' equity award agreements under any incentive plan, and the awards granted pursuant thereto, were extinguished, canceled, and discharged and have no further force or effect. Issuance of Spirit Equity Securities On the Effective Date, in connection with the Company Parties' emergence from bankruptcy and in reliance on the exemption from the registration requirements of the Securities Act provided by Section 1145 of the Bankruptcy Code, Spirit issued 7,618,664 shares of Common Stock and 5,203,899 Warrants to equitize the $410.0 million of then-outstanding Senior Secured Notes and $385.0 million of then-outstanding Convertible Notes. In addition, on the Effective Date, in connection with the Company’s emergence from bankruptcy and in reliance on the exemption from registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act or Regulation S under the Securities Act, based in part on representations made by these certain parties to the Backstop Commitment Agreement, Spirit issued 678,587 shares of Common Stock and 5,670,853 Warrants to specified parties to the Backstop Commitment Agreement dated November 18, 2024. An aggregate of 3,849,442 of such shares of Common Stock and such Warrants were issued for aggregate consideration of $53,892,188. On December 30, 2024, the Company launched an equity rights offering (the “ERO”) of equity securities of the reorganized Company in an aggregate amount of $350.0 million at a purchase price of $14.00 per share. The final expiration date for the Equity Rights Offering occurred on February 20, 2025. On the Effective Date, in connection with the Company Parties' emergence from bankruptcy and in reliance on the exemption from the registration requirements of the Securities Act provided by Section 1145 of the Bankruptcy Code, Spirit closed the ERO, issuing 7,770,054 shares of Common Stock and 13,380,504 Warrants to ERO participants, for aggregate consideration of $296,107,812. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11, for additional information. The Common Stock and the Warrants are described further below under “—Common Stock” and “—Warrants,” respectively. Registration Rights Agreement On the Effective Date, holders of the Common Stock who were party to its Backstop Commitment Agreement became party to the Registration Rights Agreement and are entitled to rights with respect to the registration of certain of their shares of Common Stock under the Securities Act. Warrants In connection with the Company's emergence from bankruptcy, on the Effective Date, Spirit entered into two warrant agreements with Equiniti Trust Company, LLC as warrant agent (the “Warrant Agreements”) pursuant to which Spirit issued an aggregate of 24,255,256 Warrants for the Common Stock to certain specified investors, consisting of 3,617,385 Warrants issued under a Tranche 1 Warrant Agreement ("the Tranche 1 Warrants") and 20,637,871 Warrants issued under a Tranche 2 Warrant Agreement (the "Tranche 2 Warrants") pursuant to the Plan. Each Warrant entitles the holder to purchase one share of Common Stock for a nominal exercise price of $0.0001 per Warrant. During the six months ended June 30, 2025, 9.8 million Warrants were exercised and converted into shares of the Company's Common Stock. Duration and Exercise Price. Each Warrant has an initial exercise price equal to $0.0001 per share of Common Stock. The Tranche 1 Warrants were immediately exercisable, and the Tranche 2 Warrants are exercisable at any time after the date on which the Common Stock is first listed on a securities exchange, which occurred on April 29, 2025. All Warrants may be exercised at any time until such Warrants are exercised in full. The exercise price and number of shares issuable upon exercise are subject to appropriate proportional adjustment in the event of certain dividends, subdivisions or combinations of the Company's Common Stock, or similar events affecting the Company's Common Stock and the exercise price. Exercisability. A holder may not exercise any portion of its Warrants to the extent that the holder, together with its affiliates and any other persons acting as a group together with any such persons, would own more than 9.9% of the number of shares of Common Stock outstanding immediately after exercise (the “Beneficial Ownership Limitation”) calculated in accordance with Section 13(d) of the Exchange Act. Upon not less than sixty-one (61) days advance written notice to the Company at any time or from time to time, a holder in its sole discretion, may exempt itself from the Beneficial Ownership Limitation. However, under any circumstance, a holder may not exercise the Warrant if such exercise would cause such holder’s beneficial ownership (as defined by Section 13(d) of the Exchange Act) of the Common Stock to exceed 19.9% of its total issued and outstanding Common Stock. Cashless Exercise. The Warrants may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the holder shall be entitled to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Warrant Agreements. Fractional Shares. No fractional shares of Common Stock will be issued upon the exercise of the Warrants and no cash will be distributed in lieu of the issuance of such fractional shares. If more than one Warrant is presented for exercise in full at the same time by the same holder, the full number of shares of Common Stock that will be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of shares of Common Stock purchasable on exercise of the Warrants so presented. If any fraction of a share of Common Stock or other security deliverable upon proper exercise of the Warrant (a "Warrant Share") would, except pursuant to the Warrant, be issuable on the exercise of any Warrants (or specified portion thereof), as applicable, such Warrant Share shall be rounded up to the next highest whole number. Transferability. Subject to applicable laws, a Warrant may be transferred at the option of the holder upon surrender of the Warrant to Spirit together with the appropriate instruments of transfer and funds sufficient to pay any transfer taxes payable upon such transfer. Trading Market. There is no trading market available for the Warrants on any securities exchange or nationally recognized trading system. Spirit does not intend to list the Warrants on any securities exchange or nationally recognized trading system. Rights as a Stockholder. Except as otherwise provided in the Warrants or by virtue of such holder’s ownership of shares of Common Stock, the holders of the Warrants do not have the rights or privileges of holders of the Company's Common Stock, including any voting rights, until they exercise their Warrants. Fundamental Transaction. In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or reclassification of the shares of Common Stock, the sale, transfer or other disposition of all or substantially all of its properties or assets, the Spirit's consolidation or merger with or into another person, the holders of the Warrants will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Warrants immediately prior to such fundamental transaction. Rights to Dividends and Distributions on Common Stock. Holders of the Tranche 1 Warrants are entitled to dividends and other distributions on Common Stock that such holder would have received had the Warrants been exercised. Such distributions to holders of Tranche 1 Warrants will be made simultaneously with the distribution to holders of Common Stock. Tranche 2 Warrants are not entitled to dividends and other distributions on Common Stock. In addition, the Tranche 2 Warrant Agreement provides that the shares of Common Stock issuable upon exercise of Tranche 2 Warrants shall be subject to the limitations on ownership by non-U.S. citizens as set forth in the Charter (as defined below). Exchange Rights of Holders of Tranche 2 Warrants. Holders of Tranche 2 Warrants may exchange such Tranche 2 Warrants for Tranche 1 Warrants in accordance with the Warrant Agreements. Accounting Policy. The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants (i) are freestanding financial instruments pursuant to ASC 480, (ii) meet the definition of a liability pursuant to ASC 480, and (iii) meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital, on the condensed consolidated statements of stockholders’ deficit at the time of issuance. The Company concluded that the Warrant Agreements are classified as equity, recorded at fair value upon issuance within the Company’s condensed consolidated balance sheets. On the Emergence Date, the Warrants were valued based on the derived Successor Equity Value detailed in Note 4, Fresh Start Accounting, at issuance. Equity-classified contracts are initially measured and recorded at fair value; subsequent changes in fair value are not recognized as long as the contract continues to be classified as equity. The Company recorded $441.7 million, net of issuance costs, in additional paid-in-capital ("APIC"), related to the fair value of the warrants issued. Common Stock Pursuant to the Plan, Spirit amended and restated its certificate of incorporation (the “Charter”) and bylaws (the “Bylaws”), each of which became effective on the Effective Date. The Charter authorizes Spirit to issue up to 400,000,000 shares of Common Stock. Dividend Rights. Subject to the rights of holders of any series of then outstanding preferred stock and the limitations under the Delaware General Corporation Law ("DGCL"), each holder of Common Stock has equal rights of participation in the dividends in cash, stock, or property of Spirit, when, as and if the Board declare such dividends from time to time out of assets or funds legally available. Voting Rights. Each holder of the Company's Common Stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. The holders of Common Stock exclusively possess all voting power; provided, however, that as except as otherwise required by law, holders of Common Stock are not entitled to vote on any amendment to the Charter (or on any amendment to a certificate of designations of any series of preferred stock) that alters or changes the powers, preferences, rights or other terms of one or more outstanding series of preferred stock if the holders of such affected series of preferred stock are entitled to vote, either separately or together with the holders of one or more other such series, on such amendment pursuant to the Charter (or pursuant to a certificate of designations of any series of preferred stock) or pursuant to the DGCL. Spirit's stockholders are not entitled to cumulative voting. Liquidation. Subject to the rights of holders of any series of then outstanding preferred stock, each holder of Common Stock has equal rights to receive the assets and funds of Spirit available for distribution to stockholders in the event of any liquidation, dissolution, or winding up of the affairs of Spirit, whether voluntary or involuntary. Rights and Preferences. Holders of Common Stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to Common Stock. The rights, preferences and privileges of the holders of Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of Spirit's preferred stock that Spirit may designate in the future. Limited Voting by Foreign Owners. To comply with restrictions imposed by federal law on foreign ownership of U.S. airlines, the Charter restricts voting of shares of its capital stock by non-U.S. citizens. The restrictions imposed by federal law currently require that no more than 25% of Spirit's voting stock be voted, directly or indirectly, by persons who are not U.S. citizens, and that its president and at least two-thirds of the members of the Board and senior management be U.S. citizens. The Charter provides that no shares of its capital stock may be voted by or at the direction of non-U.S. citizens unless such shares are registered on a separate stock record, which it refers to as the foreign stock record. The Charter further provides that no shares of its capital stock will be registered on the foreign stock record if the amount so registered would exceed the foreign ownership restrictions imposed by federal law.
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Earnings (Loss) per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per Share | Earnings (Loss) per Share The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per-share amounts):
(1) Weighted-average shares outstanding, basic during the Successor Period includes exercisable warrants, as they meet the criteria under ASC 260 to be considered outstanding common shares. During the Current Predecessor Period, warrants in connection with the Payroll Support Program to purchase 913,383 shares of common stock were excluded from the computation of diluted EPS because the exercise price was greater than the average market price, making them antidilutive. Anti-dilutive common stock equivalents related to outstanding equity awards were also excluded from the diluted loss per share calculation for any of the periods presented and are not material.
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Short-term Investment Securities |
6 Months Ended |
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Jun. 30, 2025 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Short-term Investment Securities | Short-term Investment Securities In June 2025, the Company settled $120.5 million short-term available-for-sale investment securities. Upon settlement, the proceeds were recorded within cash and cash equivalents on the Company's condensed consolidated balance sheets. The settlement resulted in $0.1 million of realized losses, which were recognized in interest expense within the Company's condensed consolidated statements of operations. As of June 30, 2025, the Company had no short-term available-for-sale investment securities outstanding. As of December 31, 2024, the Company had $118.3 million in short-term available-for-sale investment securities.
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Other Current Liabilities |
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| Other Current Liabilities | Other Current Liabilities Other current liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company leases aircraft, engines, airport terminals, maintenance and training facilities, aircraft hangars, commercial real estate, and office and computer equipment, among other items. Certain of these leases include provisions for variable lease payments which are based on several factors, including, but not limited to, relative leased square footage, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company's condensed consolidated balance sheets as a right-of-use asset and lease liability. Lease terms are generally 4 years to 18 years for aircraft and up to 99 years for other leased equipment and property. During the six months ended June 30, 2025, the Company took delivery of three aircraft under sale leaseback transactions and one under direct operating lease. In addition, earlier in the third quarter of 2025, the Company completed sale leaseback transactions involving 14 previously owned spare engines. As of June 30, 2025, the Company had a fleet consisting of 215 A320 family aircraft. As of June 30, 2025, the Company had 148 aircraft financed under operating leases with lease term expirations between 2026 and 2043. In addition, the Company owned 49 aircraft, of which none were unencumbered, as of June 30, 2025. The Company also had 18 aircraft that would have been deemed finance leases resulting in failed sale leaseback transactions. The related finance obligation is recorded within long-term debt in the Company's condensed consolidated balance sheets. Refer to Note 15, Debt and Other Obligations for additional information. The related asset is recorded within flight equipment in the Company's condensed consolidated balance sheets. As of June 30, 2025, the Company also had 5 spare engines financed under operating leases with lease term expiration dates ranging from 2025 to 2033 and owned 32 spare engines, of which none were unencumbered, as of June 30, 2025. Aircraft rent expense consists of monthly lease rents for aircraft and spare engines under the terms of the Company's aircraft and spare engine lease agreements recognized on a straight-line basis. Supplemental rent, recorded within aircraft rent expense, is primarily made up of probable and estimable return condition obligations and lease return cost adjustments related to lease modifications and aircraft and engines purchased off lease. Under the terms of the lease agreements, the Company will continue to operate and maintain the aircraft. Payments under the majority of the lease agreements are fixed for the term of the lease. The lease agreements contain standard termination events, including termination upon a breach of the Company's obligations to make rental payments and upon any other material breach of the Company's obligations under the leases, and standard maintenance and return condition provisions. These return provisions are evaluated at inception of the lease and throughout the lease terms and are accounted for as either fixed or variable lease payments (depending on the nature of the lease return condition) when it is probable that such amounts will be incurred. When determining probability and estimated cost of lease return obligations, there are various other factors that need to be considered, such as the contractual terms of the lease, the ability to swap engines or other aircraft components, current condition of the aircraft, the age of the aircraft at lease expiration, utilization of engines and other components, the extent of repairs needed at return, return locations, current configuration of the aircraft and cost of repairs and materials at the time of return. Management assesses the factors listed above and the need to accrue lease return costs throughout the lease as facts and circumstances warrant an assessment. The Company expects lease return costs will increase as individual aircraft lease agreements approach their respective termination dates and the Company begins to accrue the estimated cost of return conditions for the corresponding aircraft. Upon a termination of the lease due to a breach by the Company, the Company would be liable for standard contractual damages, possibly including damages suffered by the lessor in connection with remarketing the aircraft or while the aircraft is not leased to another party. As of June 30, 2025, the Company's finance lease obligations primarily related to the lease of office equipment. Payments under these finance lease agreements are generally fixed for terms of five years. Finance lease assets are recorded within property and equipment and the related liabilities are recorded within long-term debt and finance leases in the Company's condensed consolidated balance sheets. The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Commitments related to the Company's noncancellable short-term operating leases not recorded on the Company's condensed consolidated balance sheets are expected to be $2.2 million for the remainder of 2025 and none for 2026 and beyond. The table below presents information for lease costs related to the Successor and Predecessor's finance and operating leases:
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations. The table below presents lease terms and discount rates related to the Company's finance and operating leases:
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| Leases | Leases The Company leases aircraft, engines, airport terminals, maintenance and training facilities, aircraft hangars, commercial real estate, and office and computer equipment, among other items. Certain of these leases include provisions for variable lease payments which are based on several factors, including, but not limited to, relative leased square footage, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company's condensed consolidated balance sheets as a right-of-use asset and lease liability. Lease terms are generally 4 years to 18 years for aircraft and up to 99 years for other leased equipment and property. During the six months ended June 30, 2025, the Company took delivery of three aircraft under sale leaseback transactions and one under direct operating lease. In addition, earlier in the third quarter of 2025, the Company completed sale leaseback transactions involving 14 previously owned spare engines. As of June 30, 2025, the Company had a fleet consisting of 215 A320 family aircraft. As of June 30, 2025, the Company had 148 aircraft financed under operating leases with lease term expirations between 2026 and 2043. In addition, the Company owned 49 aircraft, of which none were unencumbered, as of June 30, 2025. The Company also had 18 aircraft that would have been deemed finance leases resulting in failed sale leaseback transactions. The related finance obligation is recorded within long-term debt in the Company's condensed consolidated balance sheets. Refer to Note 15, Debt and Other Obligations for additional information. The related asset is recorded within flight equipment in the Company's condensed consolidated balance sheets. As of June 30, 2025, the Company also had 5 spare engines financed under operating leases with lease term expiration dates ranging from 2025 to 2033 and owned 32 spare engines, of which none were unencumbered, as of June 30, 2025. Aircraft rent expense consists of monthly lease rents for aircraft and spare engines under the terms of the Company's aircraft and spare engine lease agreements recognized on a straight-line basis. Supplemental rent, recorded within aircraft rent expense, is primarily made up of probable and estimable return condition obligations and lease return cost adjustments related to lease modifications and aircraft and engines purchased off lease. Under the terms of the lease agreements, the Company will continue to operate and maintain the aircraft. Payments under the majority of the lease agreements are fixed for the term of the lease. The lease agreements contain standard termination events, including termination upon a breach of the Company's obligations to make rental payments and upon any other material breach of the Company's obligations under the leases, and standard maintenance and return condition provisions. These return provisions are evaluated at inception of the lease and throughout the lease terms and are accounted for as either fixed or variable lease payments (depending on the nature of the lease return condition) when it is probable that such amounts will be incurred. When determining probability and estimated cost of lease return obligations, there are various other factors that need to be considered, such as the contractual terms of the lease, the ability to swap engines or other aircraft components, current condition of the aircraft, the age of the aircraft at lease expiration, utilization of engines and other components, the extent of repairs needed at return, return locations, current configuration of the aircraft and cost of repairs and materials at the time of return. Management assesses the factors listed above and the need to accrue lease return costs throughout the lease as facts and circumstances warrant an assessment. The Company expects lease return costs will increase as individual aircraft lease agreements approach their respective termination dates and the Company begins to accrue the estimated cost of return conditions for the corresponding aircraft. Upon a termination of the lease due to a breach by the Company, the Company would be liable for standard contractual damages, possibly including damages suffered by the lessor in connection with remarketing the aircraft or while the aircraft is not leased to another party. As of June 30, 2025, the Company's finance lease obligations primarily related to the lease of office equipment. Payments under these finance lease agreements are generally fixed for terms of five years. Finance lease assets are recorded within property and equipment and the related liabilities are recorded within long-term debt and finance leases in the Company's condensed consolidated balance sheets. The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Commitments related to the Company's noncancellable short-term operating leases not recorded on the Company's condensed consolidated balance sheets are expected to be $2.2 million for the remainder of 2025 and none for 2026 and beyond. The table below presents information for lease costs related to the Successor and Predecessor's finance and operating leases:
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations. The table below presents lease terms and discount rates related to the Company's finance and operating leases:
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Commitments, Contingencies and Other Contractual Arrangements |
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| Commitments, Contingencies and Other Contractual Arrangements | Commitments, Contingencies and Other Contractual Arrangements Aircraft-Related Commitments and Financing Arrangements The Company’s contractual purchase commitments consist primarily of aircraft and engine acquisitions through manufacturers and aircraft leasing companies. As of June 30, 2025, the Company's total firm aircraft orders consisted of 52 A320 family aircraft with Airbus, including A320neos and A321neos, with deliveries expected from 2029 through 2031. As of June 30, 2025, the Company did not have financing commitments in place for the 52 Airbus aircraft on firm order. The contractual purchase amounts for all aircraft orders from Airbus as of June 30, 2025 are included within the purchase commitments below. During the third quarter of 2021, the Company entered into an Engine Purchase Support Agreement that requires the Company to purchase a certain number of spare engines in order to maintain a contractual ratio of spare engines to aircraft in the fleet. As of June 30, 2025, the Company is committed to purchase 16 PW1100G-JM spare engines, with deliveries through 2031. As of June 30, 2025, purchase commitments for the Company's aircraft and engine orders, including estimated amounts for contractual price escalations and pre-delivery payments, were expected to be $18.0 million for the remainder of 2025, $12.3 million in 2026, $183.0 million in 2027, $297.8 million in 2028, $1,124.3 million in 2029 and $1,857.8 million in 2030 and beyond. During the third quarter of 2019, the United States announced its decision to levy tariffs on certain imports from the European Union, including commercial aircraft and related parts. These tariffs include aircraft and other parts that the Company is already contractually obligated to purchase including those reflected above. In June 2021, the United States Trade Representative announced that the United States and European Union had agreed to suspend reciprocal tariffs on large civilian aircraft for up to five years, pending discussions to resolve their trade dispute. This suspension was withdrawn by the United States on April 2, 2025, and aircraft and parts from the European Union were subject to the same tariffs as other imports. On July 28, 2025, the United States and the European Union agreed on the terms of a new tariff agreement, under which tariffs on large civilian aircraft and components would again be suspended and returned to zero. The current U.S. Administration continues to negotiate tariffs with various countries which may lead to expanding the scope of tariffs and significantly increasing the rates on goods imported into the United States. In response, foreign governments have imposed, and are expected to impose, retaliatory tariff measures against the United States. These or additional changes in U.S. or international trade policies, along with continued uncertainty surrounding such policies, could lead to further weakened business conditions for the transportation industry, which may adversely impact the Company's operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others. The Company continues to monitor the situation. In addition to the Airbus Purchase Agreement, as of June 30, 2025, the Company had agreements in place for 36 A320neos and A321neos to be financed through direct leases with a third-party lessor with deliveries scheduled in 2027 and 2028. As of June 30, 2025, aircraft rent commitments for future aircraft deliveries to be financed under direct leases from third-party lessors were expected to be none for the remainder of 2025, none in 2026, approximately $63.5 million in 2027, $162.3 million in 2028, $210.3 million in 2029 and $2,087.3 million in 2030 and beyond. Interest commitments related to the secured debt financing of 67 aircraft as of June 30, 2025 were $44.1 million for the remainder of 2025, $80.3 million in 2026, $69.0 million in 2027, $50.1 million in 2028, $35.3 million in 2029 and $106.6 million in 2030 and beyond. As of June 30, 2025, interest commitments related to the Company's unsecured term loans were $1.7 million for the remainder of 2025, $3.4 million in 2026, $3.4 million in 2027, $3.4 million in 2028, $3.4 million in 2029, and $3.7 million in 2030 and beyond. As of June 30, 2025, interest commitments related to the Company's Exit Secured Notes were $34.5 million for the remainder of 2025 $70.5 million in 2026, $73.3 million in 2027, $76.3 million in 2028, $79.4 million in 2029, and $24.2 million in 2030 and beyond. For principal commitments related to the Company's debt financing, refer to Note 15, Debt and Other Obligations. Other Commitments The Company is contractually obligated to pay the following minimum guaranteed payments for its reservation system and other miscellaneous subscriptions and services as of June 30, 2025: $26.6 million for the remainder of 2025, $40.4 million in 2026, $33.1 million in 2027, $7.1 million in 2028, $1.9 million in 2029 and $3.7 million in 2030 and thereafter. The Company's reservation system contract expires in 2028. Other Contractual Arrangements On July 25, 2023, RTX Corporation, the parent company of Pratt & Whitney, announced that it had determined that a rare condition in the powdered metal used to manufacture certain engine parts will require accelerated inspection of the PW 1100G-JM geared turbo fan (“GTF”) fleet, which powers the Company's A320neo family of aircraft. As a result, the Company removed GTF engines from service and grounded some of its A320neo aircraft for inspection requirements. On June 4, 2025, the Company entered into an agreement (the “Agreement”) with International Aero Engines, LLC ("IAE"), an affiliate of Pratt & Whitney, pursuant to which IAE will provide the Company with a monthly credit, subject to certain conditions, as compensation for each of the Company's aircraft unavailable for operational service due to GTF engine issues from January 1, 2025 through December 31, 2025. The credits are accounted for as vendor consideration in accordance with ASC 705-20 and are recognized as a reduction of the purchase price of the goods or services acquired from IAE during the period, which may include the purchase of maintenance, spare engines and short-term rentals of spare engines, based on an allocation that corresponds to the Company’s progress towards earning the credits. As of June 30, 2025, Pratt & Whitney issued the Company $72.4 million in credits related to the aircraft on ground ("AOG") days through June 30, 2025. During the three months ended June 30, 2025, the Company recorded $38.1 million of credits as a reduction in the cost basis of assets purchased from IAE within flight equipment and deferred heavy maintenance, net on the Company's condensed consolidated balance sheets and $14.3 million in credits on the Company's condensed consolidated statements of operations within maintenance, materials and repairs and aircraft rent expenses. In addition, during the three months ended June 30, 2025, the Successor Period, and the Current Predecessor Period, the Company recognized lower depreciation and amortization expense of $6.0 million, $7.2 million, and $6.1 million, respectively, related to credits recognized, under the 2024 and 2025 Agreements with IAE, as a reduction of the cost basis of assets purchased from IAE recorded within the Company's condensed consolidated statements of operations. The difference remaining between the amount of credits Pratt & Whitney issued and the amount the Company has recognized will be recognized in the future as reductions in the cost basis of goods and services purchased from Pratt & Whitney. The temporary removal of GTF engines from service is expected to continue through at least 2026. Litigation and Assessments The Company is subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. The Company believes the ultimate outcome of such lawsuits, proceedings and reviews will not, individually or in the aggregate, have a material adverse effect on its financial position, liquidity or results of operations. In making a determination regarding accruals, using available information, the Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings and assessments to which the Company is a party and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These subjective determinations are based on the status of such legal or regulatory proceedings, the merits of the Company's defenses, and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company's current estimates. It is possible that the resolution of one or more of the legal matters currently pending or threatened could result in losses material to the Company's condensed consolidated results of operations, liquidity or financial condition. Following an audit by the Internal Revenue Service ("IRS") related to the collection of federal excise taxes on optional passenger seat selection charges covering the period of the second quarter of 2018 through the fourth quarter of 2020, on March 31, 2022, the Company was assessed $34.9 million. On July 19, 2022, the assessment was reduced to $27.5 million. The Company believes it has defenses available and has informed the IRS that it is challenging the assessment. The Company believes a loss in this matter is not probable and has not recognized a loss contingency. Credit Card Processing Arrangements The Company has agreements with organizations that process credit card transactions arising from the purchase of air travel, baggage charges and other ancillary services by customers. As is standard in the airline industry, the Company's contractual arrangements with credit card processors permit them, under certain circumstances, to retain a holdback or other collateral, when future air travel and other future services are purchased via credit card transactions. The required holdback is the portion of the Company's overall credit card sales that its credit card processors hold to cover refunds to customers if the Company fails to fulfill its flight obligations. Except as described below, the Company's credit card processors do not require the Company to maintain cash collateral, provided that the Company satisfies certain liquidity and other financial covenants. Failure to meet these covenants would provide the processors with the right to put in place a holdback resulting in a commensurate reduction of unrestricted cash. As of June 30, 2025 and December 31, 2024, the Company's credit card processors were holding back no remittances. The maximum potential exposure to cash holdbacks by the Company's credit card processors, based upon advance ticket sales and Spirit Saver$ Club® memberships as of June 30, 2025 and December 31, 2024, was $491.6 million and $469.2 million, respectively. On July 2, 2024, the Company entered into a letter agreement that modified its existing primary credit card processing agreement to, among other things, extend the term until December 31, 2025, including automatic extensions for two successive one-year terms. However, the renewal of the agreement is subject to the right of either party to opt out of any extension term by written notice to the other within a specified period of time prior to the commencement of any extension term. Based on the terms of the agreement, in July 2024, the Company deposited $200.0 million into a deposit account and deposited $50.0 million into a restricted account. The $200.0 million deposited into the deposit account is considered a compensating balance arrangement that does not legally restrict the Company's use of this cash. As such, the balance of the deposit account is included in cash and cash equivalents within the Company's condensed consolidated balance sheets, and the $50.0 million in the restricted account is included in restricted cash within the Company's condensed consolidated balance sheets going forward. As of June 30, 2025 and 2024, the Company was in compliance with the liquidity and other financial covenants in this credit card processing agreement. Additionally, the Company provided a $25.0 million deposit to a credit card processor recorded within deposits and other current assets in its condensed consolidated balance sheets. Employees The Company has six union-represented employee groups that together represented approximately 83% of all employees as of June 30, 2025. The table below sets forth the Company's employee groups and status of the CBAs.
(1) Subject to standard early opener provisions. (2) CBA is currently under negotiation. In August 2022, the Company's aircraft maintenance technicians ("AMTs") voted to be represented by AMFA as their collective bargaining agent. In May 2024, the parties began negotiations with a National Mediation Board ("NMB"), and those discussions are ongoing. As of June 30, 2025, the Company had approximately 558 AMTs. In March 2024, ALPA provided notice to the Company that it intends to amend its CBA with its pilots. In July 2024, the parties began negotiations, and those discussions are ongoing. During the Current Predecessor Period, the Company furloughed approximately 200 pilots to align with its projected flight volume for 2025 and recorded $0.9 million in expenses related to these furloughs. These expenses were recorded within salaries, wages and benefits on the Company's condensed consolidated statements of operations. In addition, as part of the Company's ongoing efforts to optimize and enhance efficiencies, it made the decision to eliminate approximately 200 positions from various departments. The Company recorded $1.8 million in expenses related to these efforts during the Current Predecessor Period. These expenses were recorded within salaries, wages and benefits on the Company’s condensed consolidated statements of operations. Furthermore, to continue our ongoing efforts to optimize and enhance efficiencies, in July 2025, the Company announced that it will downgrade approximately 140 Captains to First Officers and furlough approximately 270 pilots, effective October 1, 2025 and November 1, 2025, respectively to align with its projected flight volume for 2026.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements Under ASC 820, "Fair Value Measurements and Disclosures," disclosures relating to how fair value is determined for assets and liabilities are required, and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs, as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes several valuation techniques in order to assess the fair value of the Company’s financial assets and liabilities. Long-Lived Assets Impairment Analysis The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets exceeds their estimated fair value. The Company has determined that indicators of potential impairment, including negative cash flows, were present as of June 30, 2025. These indicators prompted the Company to perform a recoverability analysis on its assets to assess whether any impairment losses should be recognized. In estimating the undiscounted future cash flows, the Company uses certain assumptions, including, but not limited to, the estimated, undiscounted future cash flows expected to be generated by these assets, estimates of length of service the asset will be used in the Company’s operations and estimated salvage values. The Company assessed whether any impairment of its long-lived assets existed as of June 30, 2025 and has determined that the assets are recoverable. The Company’s assumptions about future conditions important to its assessment of potential impairment of its long-lived assets are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available and will update its analyses accordingly. Indefinite-Lived Intangible Assets With the adoption of fresh start accounting, the Company recorded $83.5 million of indefinite-lived intangible assets within intangible assets on the Company's condensed consolidated balance sheet as of the Fresh Start Reporting Date. The Company's indefinite-lived intangible assets are related to landing and take-off rights and authorizations (Slots) at the LaGuardia Airport (“LGA”). These indefinite-lived intangible assets are assessed for impairment annually in September, or more frequently if events or circumstances indicate that the fair values of indefinite-lived intangible assets may be lower than their carrying values. As of June 30, 2025, the Company has not identified any such events or circumstances that would indicate the fair value of the LGA Slots is below their carrying value. Indefinite-lived intangible assets are assessed for impairment by initially performing a qualitative assessment. The Company primarily relies on a quantitative approach to assess impairment, using fair value estimates provided annually by an independent third-party specialist. The specialist applies a market approach to determine fair value, which relies on recent slot transaction data, market lease rates, and input from industry participants and regulatory agencies. Slot values are further adjusted based on factors such as time-of-day, peak demand, and qualitative considerations. These valuations reflect market participant assumptions and are used to determine whether it is more likely than not that the fair value of the Slots is less than their carrying amount. Long-Term Debt The estimated fair value of the Company's term loan debt agreements and revolving credit facility have been determined to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes a discounted cash flow method to estimate the fair value of the Level 3 long-term debt. The estimated fair value of the Company's Exit Secured Notes and publicly and non-publicly held EETC debt agreements has been determined to be Level 2, as the Company utilizes quoted market prices in markets with low trading volumes to estimate the fair value of its Level 2 long-term debt. The carrying amounts and estimated fair values of the Company's long-term debt at June 30, 2025 and December 31, 2024 were as follows (in millions):
Cash and Cash Equivalents Cash and cash equivalents at June 30, 2025 and December 31, 2024 were comprised of liquid money market funds and cash and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. Restricted Cash Restricted cash is comprised of cash held in accounts subject to account control agreements or otherwise pledged as collateral against the Company's letters of credit and is categorized as a Level 1 instrument. In addition, as of June 30, 2025, the Company had $48.7 million in standby letters of credit secured by $49.6 million of restricted cash, of which $44.4 million were issued letters of credit. The Company also had $50.0 million of restricted cash held in an account subject to a control agreement under its credit card processing agreement, $46.5 million of restricted cash held in accounts subject to control agreements to be used for the payment of interest and fees on the Exit Secured Notes and $6.0 million in pledged cash pursuant to its corporate credit cards. Assets Held for Sale The Company's assets held for sale as of June 30, 2025 primarily consisted of the 21 A320ceo and A321ceo aircraft planned for future sales. Currently, these aircraft are not being utilized within the operation and are available for immediate sale. The assets are measured at the lower of the carrying amount or fair value, less cost to sell and a loss is recognized for any initial adjustment of the asset’s carrying amount to fair value, less cost to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. The fair values were determined using Level 3 fair value inputs primarily based on the agreed upon sales price for each aircraft. Assets and liabilities measured at gross fair value on a recurring basis are summarized below (in millions):
The Company had no transfers of assets or liabilities between any of the above levels during the six months ended June 30, 2025 and the year ended December 31, 2024.
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Debt and Other Obligations |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Other Obligations | Debt and Other Obligations Exit Revolving Credit Facility On the Emergence Date, the Company entered into an Amended and Restated Credit and Guaranty Agreement with the lenders under its former revolving credit facility due in 2026. This agreement modified certain terms and conditions of the existing facility, resulting in a new revolving credit facility of up to $300.0 million (the “Exit Revolving Credit Facility”). Concurrently, Spirit Airlines repaid in full the outstanding balance of $300.0 million under the former revolving credit facility due in 2026. The Exit Revolving Credit Facility is comprised of (i) commitments by the Exit RCF Lenders to provide revolving credit loans and letters of credit in an aggregate amount equal to $275.0 million (the “Exit RCF Commitments”) and (ii) an uncommitted incremental revolving credit facility in an aggregate amount up to $25.0 million. The Exit Revolving Credit Facility constitutes Spirit Airlines' senior secured obligations and is guaranteed by each of Spirit Airlines' direct and indirect subsidiaries. In addition, in connection with the Corporate Reorganization, Spirit became a guarantor under the Exit Revolving Credit Agreement. As of June 30, 2025, the Exit Revolving Credit Facility was undrawn and had available capacity of $275.0 million. The Company’s uses of the proceeds of the Exit Revolving Credit Facility shall include, among other items, working capital and other general corporate needs of the Company and its subsidiaries. The Exit Revolving Credit Facility is secured by first-priority and second-priority security interests and liens on certain of Spirit Airlines' and its subsidiaries’ assets, including, among other things, (i) certain take-off and landing rights at LaGuardia Airport, (ii) certain eligible aircraft spare parts and ground support equipment and (iii) certain aircraft, spare engines and flight simulators. The Exit Revolving Credit Facility will mature on March 12, 2028. The revolving loans borrowed under the Exit Revolving Credit Facility will bear interest at a variable rate per annum equal to the Company's choice of (i) Adjusted Term SOFR plus 3.25% per annum or (ii) Alternate Base Rate plus 2.25% per annum. The commitment amount of $275.0 million will be reduced to $250.0 million on September 30, 2026. The Exit Revolving Credit Facility contains customary covenants that, among other things, restrict Spirit Airlines' ability and the ability of its subsidiaries to, among other things, make restricted payments, incur additional indebtedness, create certain liens on the collateral, sell or otherwise dispose of the collateral, engage in certain transactions with affiliates and consolidate, merge, sell or otherwise dispose of all or substantially all of Spirit Airlines' and its subsidiaries’ assets. The Exit Revolving Credit Facility also requires the Company to, among other things, maintain (i) so long as any loans or letters of credit are outstanding under the Exit Revolving Credit Facility, unrestricted cash, cash equivalents, short-term investment securities and unused commitments available under all revolving credit facilities (including the Exit Revolving Credit Facility) aggregating not less than $500.0 million, of which no more than $300.0 million may be derived from unused commitments under the Exit Revolving Credit Facility, (ii) a minimum ratio of the borrowing base of the collateral under the Exit Revolving Credit Facility to outstanding obligations under the Exit Revolving Credit Facility of not less than 1.0 to 1.0 (if the Company does not meet the minimum collateral coverage ratio, it must either provide additional collateral to secure its obligations under the Exit Revolving Credit Facility or repay the loans thereunder by an amount necessary to maintain compliance with the collateral coverage ratio), and (iii) the pledged take-off and landing rights of the Company at LaGuardia Airport, a specified number of spare engines and the Company's spare parts (subject to certain exceptions) in the collateral under the Exit Revolving Credit Facility so long as any loans or letters of credit are outstanding under the Existing Revolving Credit Facility. Exit Secured Notes On the Effective Date, certain subsidiaries of Spirit Airlines (the “Co-Issuers”) issued $840.0 million in aggregate principal amount of PIK toggle senior secured notes due 2030 (the “2030 Notes" or the “Exit Secured Notes”). The 2030 Notes were issued in a private offering to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and to institutional “accredited investors” (as defined in Regulation D of the Securities Act) and outside the United States to non-U.S. persons pursuant to Regulation S. The 2030 Notes are the Co-Issuers’ senior secured obligations and are guaranteed on a senior secured basis by Spirit Airlines and each of its direct and indirect subsidiaries existing on the Effective Date or subsequently acquired and/or formed subsidiaries. In addition, in connection with the Corporate Reorganization, Spirit became a guarantor of the 2030 Notes. The 2030 Notes are secured by second-priority liens on certain Exit Revolving Credit Facility priority collateral (including the collateral under the Exit Revolving Credit Facility described in Note 15 above), and a first-priority lien on all other collateral. The 2030 Notes will mature on March 12, 2030, subject to earlier repurchase or redemption in accordance with the terms of the Indenture (as defined below). The 2030 Notes bear interest, at the option of Spirit Airlines, (i) at 12.00% per annum, of which 8.00% per annum shall be payable in cash and 4.00% per annum shall be payable in-kind or (ii) at 11.00% per annum payable in cash, in each case, in arrears on a quarterly basis. Interest is calculated on the basis of a 360-day year composed of twelve 30-day months. On or before March 12, 2027, the 2030 Notes are redeemable by the Co-Issuers, in whole or in part, at a redemption price equal to 100.00% of the principal amount of the 2030 Notes redeemed, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to the date of redemption. At any time after March 12, 2027 but on or prior to March 12, 2028, Spirit Airlines may redeem the 2030 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest to the redemption date, plus a 6.0% premium. Thereafter, Spirit Airlines may redeem the 2030 Notes in whole or in part, at par, plus accrued and unpaid interest to the redemption date. Notwithstanding the foregoing, (x) at any time on or prior to the date that is ninety (90) days after the Effective Date, the Co-Issuers may redeem the 2030 Notes, at their option, in whole, at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest to the redemption date, plus an 8.0% premium and (y) upon or after the consummation of certain transactions involving acquisitions by a publicly traded airline, the Co-Issuers may redeem the 2030 Notes at their option, in whole, at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest to the redemption date, plus an amount equal to the lesser of (A) a 4.0% premium and (B) the then-applicable redemption premium. The 2030 Notes and guarantees were issued pursuant to an indenture by and among Spirit Airlines, the Co-Issuers, the subsidiary guarantors and Wilmington Trust, National Association, as trustee (the “Trustee”) and collateral custodian, referred to herein as the Indenture. The Indenture contains customary covenants that, among other things, restrict Spirit Airlines' ability and the ability of its subsidiaries to, among other things, make restricted payments, incur additional indebtedness, create certain liens on the collateral, sell or otherwise dispose of the collateral, engage in certain transactions with affiliates and consolidate, merge, sell or otherwise dispose of all or substantially all of Spirit Airlines' and its subsidiaries’ assets. In addition, the Indenture requires that Spirit Airlines maintain unrestricted cash, cash equivalents, short-term investment securities and unused commitments available under all revolving credit facilities (including the Exit Revolving Credit Facility) aggregating not less than $450.0 million, of which no more than $300.0 million may be derived from unused commitments under the Exit Revolving Credit Facility. In connection with the Corporate Reorganization, Spirit entered into a supplemental indenture, by and among the Co-Issuers, Spirit and the Trustee, to the Indenture pursuant to which Spirit guaranteed the 2030 Notes. EETC On March 31, 2025, the Company completed a private offering of Class B(R) Pass Through Certificates, Series 2025-1B(R) (the “Class B(R) Certificates”), in the aggregate face amount of $215 million, the proceeds of which were used to acquire new equipment notes to be issued by the Company. During the second quarter of 2025, the Company used the proceeds from the issuance to repay $43.0 million outstanding related to its existing “Series B” equipment notes issued under the 2017-1 pass through certificates, pay transaction fees, and for general corporate purposes. The Class B(R) Certificates will represent an interest in the assets of a pass through trust (the “Class B(R) Trust”), which will hold certain newly issued equipment notes, designated as “Series B(R)” to be issued by the Company (the “Series B(R) Equipment Notes”). The Series B(R) Equipment Notes are secured by 27 Airbus A320 family aircraft originally delivered new to the Company between October 2015 and October 2018. The Series B(R) Equipment Notes will have an interest rate of 11.00% per annum. The interest on the issued and outstanding Series B(R) Equipment Notes is payable semi-annually, and principal payments on the issued and outstanding Series B(R) Equipment Notes are scheduled for payment in certain years, and interest and principal payments on the Series B(R) Equipment Notes will be distributed to holders of the Class B(R) Certificates on each April 1 and October 1, commencing October 1, 2025, and the final distribution of the outstanding principal amount of the Series B(R) Equipment Notes to holders of the Class B(R) Certificates is expected on February 15, 2030. The Class B(R) Certificates will rank junior to the outstanding pass through certificates that were previously issued under each of the Spirit Airlines Series 2015-1 (Class A) and Series 2017-1 (Class AA and Class A) pass through certificates. DIP Credit Agreement and Facility On December 23, 2024, in connection with the Chapter 11 Cases, the Company entered into a Superpriority Secured Debtor In Possession Term Loan Credit and Note Purchase Agreement, (the “DIP Credit Agreement”), with Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Agent”) and the creditors from time to time party thereto (collectively, the “DIP Creditors”). Under the DIP Credit Agreement, the DIP Creditors provided an aggregate principal amount of $300.0 million (excluding fees of $9.0 million, which were paid in kind in the form of additional principal) in financing in the form of a senior secured debtor-in-possession facility (the “DIP Facility”). As of June 30, 2025, the DIP Facility was fully repaid and terminated in connection with the Company’s emergence from the bankruptcy. As of December 31, 2024, the outstanding DIP term loan was included in current maturities of long-term debt, net of unamortized discounts, and finance leases on the Company’s consolidated balance sheets. Liabilities Subject to Compromise The Company's 8.00% senior secured notes, convertible notes due 2025 and convertible notes due 2026, as of the Petition Date, had been classified as “Liabilities Subject to Compromise” on the Company's consolidated balance sheets. Upon emergence from bankruptcy, the liabilities subject to compromise of $1.6 billion were canceled and the applicable agreements governing such obligations were terminated. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11, for additional information. Long-term debt is comprised of the following:
(1) Includes obligations related to 18 aircraft recorded as failed sale leaseback transactions. Refer to Note 12, Leases for additional information. (2) Includes deferred financing costs associated with the Company’s long-term debt, as well as the original issue discount resulting from fair value adjustments under fresh start accounting. During the three months ended June 30, 2025, the Successor Period and the Current Predecessor Period, the Company made scheduled principal payments of $35.9 million, $42.1 million, and $25.5 million, respectively, on its outstanding debt obligations. In addition, during the Current Predecessor Period, the Company fully repaid the DIP Facility and Revolving Credit Facility in the amounts of $309.0 million and $300.0 million, respectively. At June 30, 2025, the successor's long-term debt principal payments for the next five years and thereafter were as follows (in millions):
(1) Includes paid-in-kind (PIK) interest that is anticipated to accrue and be settled along with the principal repayment of the Company’s Exit Secured Notes at maturity. Interest Expense Successor's interest expense related to long-term debt and finance leases consists of the following (in thousands):
(1) Includes $1.1 million of accretion and $22.2 million of interest expense for the three months ended June 30, 2024. (2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the three months ended June 30, 2025. (3) Includes $4.4 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026 for the three months ended June 30, 2024.
(1) Includes interest expense for the Predecessor Period from January 1, 2025 through March 12, 2025. Includes $2.1 million of accretion and $44.4 million of interest expense for the six months ended June 30, 2024. (2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the Successor Period from March 13, 2025 through June 30, 2025. (3) Includes interest expense for the convertible notes due 2025 and 2026, for the 2025 Predecessor Period. Includes $8.9 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026, partially offset by $0.5 million of favorable mark to market adjustments for the convertible notes due 2026, for the six months ended June 30, 2024.
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Operating Segments and Related Disclosures |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segments and Related Disclosures | Operating Segments and Related Disclosures The Company operates in a single reportable segment that provides air transportation to passengers. The Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the Company’s condensed consolidated operating income (loss) to make decisions regarding resource allocation and performance assessment. Additionally, significant segment expenses provided to the CODM align with those shown in the condensed consolidated statement of operations. During the first quarter of 2025, Ted Christie, then President and Chief Executive Officer, served as the Company’s CODM and was responsible for overseeing operating performance, allocating resources and regularly communicating with executive team on these matters. Subsequently, on April 6, 2025, Ted Christie stepped down from his role. On April 17, 2025, the Board of Directors appointed David Davis as President and Chief Executive Officer and as a member of the Board, in each case effective as of April 21, 2025. Beginning on the effective date, Mr. Davis assumed the role of CODM and became responsible for overseeing the Company’s operating performance, resource allocation, and executive-level decision-making. For more information on the condensed consolidated operating results of the Company’s single reportable segment, refer to the Company’s condensed consolidated statements of operations. The Company is managed as a single business unit that provides air transportation for passengers. Operating revenues by geographic region as defined by the Department of Transportation ("DOT") are summarized below (in thousands):
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The following table displays the Company’s (loss) income from operations before income tax, income tax expense and effective tax rate (in thousands):
The income tax benefit of $4.0 million and $4.1 million for the three months ended June 30, 2025 and for the Successor Period from March 13, 2025 through June 30, 2025, respectively, is based on the Company's annualized effective rate (“AETR”). For the Successor Period, the Company estimates its AETR for continuing operations in recording its interim income tax provision for the various jurisdictions in which it operates. The tax effects of statutory rate changes, significant unusual or infrequently occurring items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of the Company's estimated AETR, as such, items are recognized as discrete items in the quarter in which they occur. The income tax expense of $17.9 million for the Predecessor Period was determined based on actual results for the Predecessor Period ended March 12, 2025, including those resulting from fresh start accounting. Any changes to its deferred tax assets and liabilities for the Predecessor Period (whether resulting from Reorganization Adjustments, Fresh Start Adjustments or otherwise) were partially offset with a corresponding adjustment to its valuation allowance. In the Chapter 11 Cases, the cancellation of debt income (“CODI”) realized upon emergence from bankruptcy is excludable from taxable income, but results in a reduction of tax attributes in accordance with the attribute reduction and ordering rules of Section 108 of the Internal Revenue Code. The amount of the Company's CODI is estimated to be $478.1 million and will be taken completely against, and therefore will reduce, its NOL carryforwards. After taking into account the CODI, the remaining federal NOL carryforward is estimated to be approximately $1.8 billion and all federal NOL carryforwards do not expire. The reductions in NOL carryforwards for the CODI are expected to be fully offset by a corresponding decrease to the Company's valuation allowance as of December 31, 2025. Some states have similar rules for attribute reduction which will result in the reduction of certain of its state NOL carryforwards.
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Insider Trading Arrangements |
3 Months Ended |
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| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Basis of Accounting | These unaudited condensed consolidated financial statements reflect all normal recurring adjustments that management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 3, 2025. | ||||||||||||||||||||||||||||||||||||||||||
| Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect both the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. In addition, the classifications of certain prior year amounts have been adjusted in the Company's Condensed Consolidated Financial Statements and these Notes to conform to current year classifications. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. The air transportation business is subject to significant seasonal fluctuations as demand is generally greater in the second and third quarters of each year. The air transportation business is volatile and highly affected by economic cycles and trends. On November 18, 2024, (the “Petition Date”), Spirit Airlines commenced a voluntary case (the “Chapter 11 Case”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), and, on November 25, 2024, certain of Spirit Airlines' subsidiaries (together with Spirit Airlines, the “Company Parties”) also filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code and joined the Chapter 11 Case (collectively, the “Chapter 11 Cases”). On February 20, 2025, the Bankruptcy Court entered an order (the "Confirmation Order") confirming the First Amended Joint Chapter 11 Plan of Reorganization of Spirit Airlines, Inc. and Its Debtor Affiliates (the “Plan”). On March 12, 2025 (the “Emergence Date” or "Effective Date"), the Company Parties emerged from the Chapter 11 Cases in accordance with the Plan. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11, for additional information. Between the Petition Date and the Emergence Date, the Company Parties operated as debtors-in-possession under the supervision of the Bankruptcy Court. The effect of the Company’s emergence from bankruptcy has been applied to the financial statements as of close of business on March 12, 2025. As used herein, the following terms refer to the Company and its operations:
In accordance with ASC 852, with the application of fresh start accounting to the Successor Period, the Company allocated its reorganization value to its individual assets and liabilities based on their estimated fair value in conformity with FASB ASC Topic 820 - Fair Value Measurements and FASB ASC Topic 805 - Business Combinations. Accordingly, the Successor Period's condensed consolidated financial statements after March 12, 2025 are not comparable with the Predecessor's condensed consolidated financial statements as of or prior to that date. The Effective Date fair values of certain of the Successor’s assets and liabilities differ from their recorded values as reflected on the historical balance sheet of the Predecessor. Refer to Note 3, Emergence from Voluntary Reorganization under Chapter 11 and Note 4, Fresh Start Accounting, for additional information. All estimates, assumptions, valuations and financial projections related to fresh start accounting, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, no assurances can be provided that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. For information about the use of estimates relating to fresh start accounting, refer to Note 4, Fresh Start Accounting. During the Current Predecessor Period, the Predecessor applied ASC 852 in preparing the unaudited financial statements, which requires distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that could have been impacted by the Chapter 11 Cases were classified as liabilities subject to compromise. Additionally, certain expenses, realized gains and losses and provisions for losses that were realized or incurred during and directly related to the Chapter 11 Cases, including fresh start valuation adjustments and gains on liabilities subject to compromise were recorded as reorganization items, net in the condensed consolidated statements of operations in the Current Predecessor Period. Due to the lack of comparability with historical financials, the Company’s unaudited financial statements and related footnotes are presented with a “black line” that separates the Predecessor and Successor periods to emphasize the lack of comparability between amounts presented as of and after March 12, 2025 (the “Fresh Start Reporting Date”) and amounts presented for all prior periods. The Successor’s financial results for future periods following the application of fresh start accounting will be different from historical trends and the differences may be material. Refer to Note 4, Fresh Start Accounting, for additional information.
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| Recently Issued Accounting Pronouncements Not Yet Adopted | In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This standard is effective for the Company for the annual period beginning after December 15, 2024, with early adoption permitted. These amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the potential impact and related disclosure of adopting this new guidance within its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent annual reports. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). Subsequently, the FASB released ASU NO. 2025-01, which revises the effective date. This standard requires disclosure of specific information about costs and expenses and is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new standard.
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Basis of Presentation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reorganization under Chapter 11 | The effect of the Company’s emergence from bankruptcy has been applied to the financial statements as of close of business on March 12, 2025. As used herein, the following terms refer to the Company and its operations:
The condensed consolidated balance sheet as of the Fresh Start Reporting Date was as follows (in thousands):
Balance Sheet Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following:
(2) Changes in restricted cash include the following:
(3) Changes in prepaid expenses and other current assets are related to certain debt issuance costs related to the Exit Revolving Credit Facility. (4) Changes in accounts payable were due to the payment of $8.2 million in professional fees and recognition of $2.6 million of success fees earned at Emergence. (5) The change in current maturities of long-term debt was due to the repayment of the $309.0 million principal balance of the Debtor in Possession facility at Emergence. (6) Changes to other liabilities included the following:
(7) Changes in long-term debt include the following:
(8) Liabilities subject to compromise settled in accordance with the Plan:
The resulting gain on liabilities subject to compromise was determined as follows:
(9) Changes to Predecessor common stock, additional paid-in-capital, and treasury stock are due to the extinguishment of Predecessor equity per the Plan. (10) Reflects the Successor equity including the issuance of 16,067,305 shares of Common Stock and 24,255,256 Warrants, consisting of 3,617,385 Tranche 1 Warrants and 20,637,871 Tranche 2 Warrants pursuant to the Plan.
The value of Successor equity issued per the Plan and ERO was derived from the Selected Enterprise Value as shown in the table below (in millions):
(11) Changes to retained earnings included the following:
Balance Sheet Fresh Start Adjustments (in thousands) (12) The change in flight equipment represents the fair value adjustments to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of flight equipment by asset class:
(13) The change in ground property and equipment represents the fair value adjustment to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of ground property and equipment by asset class:
(14) The Company's accumulated depreciation incurred in the Predecessor periods has been eliminated with the adoption of fresh start accounting. (15) The change in operating lease right of use assets is due to the change in the Company's incremental borrowing rate used in the calculation of operating lease right of use assets and operating lease liabilities, as well as adjustment for off-market terms. (16) The change in intangible assets represents the fair value adjustment to the Company's air carrier slots due to the adoption of fresh start accounting. The air carrier slots were valued at $83.5 million as of the Emergence Date. (17) Changes to deferred heavy maintenance, net are due to the write-off of $120.9 million of capitalized deferred heavy maintenance costs related to the Company's owned aircraft with the adoption of fresh start accounting. The aircraft and spare engines values as of the emergence date, were determined using a market approach, and included recent half-life and maintenance adjusted values. (18) Changes to long-term debt include adjustments to the carrying values of the Company's debt instruments to their fair value as of the Fresh Start Reporting Date. The fair value adjustments to the carrying value for each type of debt instrument are noted below:
(19) The change in other current liabilities and deferred gains and other long-term liabilities is due to the elimination of $24.5 million in the financial liability originally recorded to account for off-market terms on sale leaseback transactions completed in prior periods, commensurate with the adjustment of operating lease liabilities due to the change in the Company's incremental borrowing rate. (20) The change to deferred income taxes is due to the increase of the net deferred tax liability of $16.9 million resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (21) Change to retained earnings included the following:
(22) Changes to accumulated other comprehensive income (loss) represent the write-off of Predecessor balance due to the adoption of fresh start accounting.
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Emergence from Voluntary Reorganization under Chapter 11 (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reorganization Items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reorganization under Chapter 11 | The effect of the Company’s emergence from bankruptcy has been applied to the financial statements as of close of business on March 12, 2025. As used herein, the following terms refer to the Company and its operations:
The condensed consolidated balance sheet as of the Fresh Start Reporting Date was as follows (in thousands):
Balance Sheet Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following:
(2) Changes in restricted cash include the following:
(3) Changes in prepaid expenses and other current assets are related to certain debt issuance costs related to the Exit Revolving Credit Facility. (4) Changes in accounts payable were due to the payment of $8.2 million in professional fees and recognition of $2.6 million of success fees earned at Emergence. (5) The change in current maturities of long-term debt was due to the repayment of the $309.0 million principal balance of the Debtor in Possession facility at Emergence. (6) Changes to other liabilities included the following:
(7) Changes in long-term debt include the following:
(8) Liabilities subject to compromise settled in accordance with the Plan:
The resulting gain on liabilities subject to compromise was determined as follows:
(9) Changes to Predecessor common stock, additional paid-in-capital, and treasury stock are due to the extinguishment of Predecessor equity per the Plan. (10) Reflects the Successor equity including the issuance of 16,067,305 shares of Common Stock and 24,255,256 Warrants, consisting of 3,617,385 Tranche 1 Warrants and 20,637,871 Tranche 2 Warrants pursuant to the Plan.
The value of Successor equity issued per the Plan and ERO was derived from the Selected Enterprise Value as shown in the table below (in millions):
(11) Changes to retained earnings included the following:
Balance Sheet Fresh Start Adjustments (in thousands) (12) The change in flight equipment represents the fair value adjustments to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of flight equipment by asset class:
(13) The change in ground property and equipment represents the fair value adjustment to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of ground property and equipment by asset class:
(14) The Company's accumulated depreciation incurred in the Predecessor periods has been eliminated with the adoption of fresh start accounting. (15) The change in operating lease right of use assets is due to the change in the Company's incremental borrowing rate used in the calculation of operating lease right of use assets and operating lease liabilities, as well as adjustment for off-market terms. (16) The change in intangible assets represents the fair value adjustment to the Company's air carrier slots due to the adoption of fresh start accounting. The air carrier slots were valued at $83.5 million as of the Emergence Date. (17) Changes to deferred heavy maintenance, net are due to the write-off of $120.9 million of capitalized deferred heavy maintenance costs related to the Company's owned aircraft with the adoption of fresh start accounting. The aircraft and spare engines values as of the emergence date, were determined using a market approach, and included recent half-life and maintenance adjusted values. (18) Changes to long-term debt include adjustments to the carrying values of the Company's debt instruments to their fair value as of the Fresh Start Reporting Date. The fair value adjustments to the carrying value for each type of debt instrument are noted below:
(19) The change in other current liabilities and deferred gains and other long-term liabilities is due to the elimination of $24.5 million in the financial liability originally recorded to account for off-market terms on sale leaseback transactions completed in prior periods, commensurate with the adjustment of operating lease liabilities due to the change in the Company's incremental borrowing rate. (20) The change to deferred income taxes is due to the increase of the net deferred tax liability of $16.9 million resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (21) Change to retained earnings included the following:
(22) Changes to accumulated other comprehensive income (loss) represent the write-off of Predecessor balance due to the adoption of fresh start accounting.
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Fresh Start Accounting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reorganizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fresh-Start Adjustments for Assets | The following table reconciles the enterprise value to the reorganization value of Successor’s assets that has been allocated to the Company’s individual assets as of the Fresh Start Reporting Date (in millions):
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| Schedule of Reorganization under Chapter 11 | The effect of the Company’s emergence from bankruptcy has been applied to the financial statements as of close of business on March 12, 2025. As used herein, the following terms refer to the Company and its operations:
The condensed consolidated balance sheet as of the Fresh Start Reporting Date was as follows (in thousands):
Balance Sheet Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following:
(2) Changes in restricted cash include the following:
(3) Changes in prepaid expenses and other current assets are related to certain debt issuance costs related to the Exit Revolving Credit Facility. (4) Changes in accounts payable were due to the payment of $8.2 million in professional fees and recognition of $2.6 million of success fees earned at Emergence. (5) The change in current maturities of long-term debt was due to the repayment of the $309.0 million principal balance of the Debtor in Possession facility at Emergence. (6) Changes to other liabilities included the following:
(7) Changes in long-term debt include the following:
(8) Liabilities subject to compromise settled in accordance with the Plan:
The resulting gain on liabilities subject to compromise was determined as follows:
(9) Changes to Predecessor common stock, additional paid-in-capital, and treasury stock are due to the extinguishment of Predecessor equity per the Plan. (10) Reflects the Successor equity including the issuance of 16,067,305 shares of Common Stock and 24,255,256 Warrants, consisting of 3,617,385 Tranche 1 Warrants and 20,637,871 Tranche 2 Warrants pursuant to the Plan.
The value of Successor equity issued per the Plan and ERO was derived from the Selected Enterprise Value as shown in the table below (in millions):
(11) Changes to retained earnings included the following:
Balance Sheet Fresh Start Adjustments (in thousands) (12) The change in flight equipment represents the fair value adjustments to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of flight equipment by asset class:
(13) The change in ground property and equipment represents the fair value adjustment to the Company's fixed assets due to the adoption of fresh start accounting. The following table summarizes the fair value of ground property and equipment by asset class:
(14) The Company's accumulated depreciation incurred in the Predecessor periods has been eliminated with the adoption of fresh start accounting. (15) The change in operating lease right of use assets is due to the change in the Company's incremental borrowing rate used in the calculation of operating lease right of use assets and operating lease liabilities, as well as adjustment for off-market terms. (16) The change in intangible assets represents the fair value adjustment to the Company's air carrier slots due to the adoption of fresh start accounting. The air carrier slots were valued at $83.5 million as of the Emergence Date. (17) Changes to deferred heavy maintenance, net are due to the write-off of $120.9 million of capitalized deferred heavy maintenance costs related to the Company's owned aircraft with the adoption of fresh start accounting. The aircraft and spare engines values as of the emergence date, were determined using a market approach, and included recent half-life and maintenance adjusted values. (18) Changes to long-term debt include adjustments to the carrying values of the Company's debt instruments to their fair value as of the Fresh Start Reporting Date. The fair value adjustments to the carrying value for each type of debt instrument are noted below:
(19) The change in other current liabilities and deferred gains and other long-term liabilities is due to the elimination of $24.5 million in the financial liability originally recorded to account for off-market terms on sale leaseback transactions completed in prior periods, commensurate with the adjustment of operating lease liabilities due to the change in the Company's incremental borrowing rate. (20) The change to deferred income taxes is due to the increase of the net deferred tax liability of $16.9 million resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (21) Change to retained earnings included the following:
(22) Changes to accumulated other comprehensive income (loss) represent the write-off of Predecessor balance due to the adoption of fresh start accounting.
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Earnings (Loss) per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per-share amounts):
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Other Current Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Liabilities | Other current liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finance Lease Maturities | The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
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| Schedule of Operating Lease Maturities | The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
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| Schedule of Lease Cost | The table below presents information for lease costs related to the Successor and Predecessor's finance and operating leases:
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations. The table below presents lease terms and discount rates related to the Company's finance and operating leases:
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Commitments, Contingencies and Other Contractual Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Employee Groups and Status of the Collective Bargaining Agreements | The table below sets forth the Company's employee groups and status of the CBAs.
(1) Subject to standard early opener provisions. (2) CBA is currently under negotiation.
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amount and Estimated Fair Value, Long-term Debt | The carrying amounts and estimated fair values of the Company's long-term debt at June 30, 2025 and December 31, 2024 were as follows (in millions):
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| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at gross fair value on a recurring basis are summarized below (in millions):
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Debt and Other Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt | Long-term debt is comprised of the following:
(1) Includes obligations related to 18 aircraft recorded as failed sale leaseback transactions. Refer to Note 12, Leases for additional information. (2) Includes deferred financing costs associated with the Company’s long-term debt, as well as the original issue discount resulting from fair value adjustments under fresh start accounting.
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| Schedule of Maturities of Long-term Debt | At June 30, 2025, the successor's long-term debt principal payments for the next five years and thereafter were as follows (in millions):
(1) Includes paid-in-kind (PIK) interest that is anticipated to accrue and be settled along with the principal repayment of the Company’s Exit Secured Notes at maturity.
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| Schedule of Interest Expense, Long-term Debt | Successor's interest expense related to long-term debt and finance leases consists of the following (in thousands):
(1) Includes $1.1 million of accretion and $22.2 million of interest expense for the three months ended June 30, 2024. (2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the three months ended June 30, 2025. (3) Includes $4.4 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026 for the three months ended June 30, 2024.
(1) Includes interest expense for the Predecessor Period from January 1, 2025 through March 12, 2025. Includes $2.1 million of accretion and $44.4 million of interest expense for the six months ended June 30, 2024. (2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the Successor Period from March 13, 2025 through June 30, 2025. (3) Includes interest expense for the convertible notes due 2025 and 2026, for the 2025 Predecessor Period. Includes $8.9 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026, partially offset by $0.5 million of favorable mark to market adjustments for the convertible notes due 2026, for the six months ended June 30, 2024.
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Operating Segments and Related Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The Company is managed as a single business unit that provides air transportation for passengers. Operating revenues by geographic region as defined by the Department of Transportation ("DOT") are summarized below (in thousands):
|
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Expense | The following table displays the Company’s (loss) income from operations before income tax, income tax expense and effective tax rate (in thousands):
|
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Emergence from Voluntary Reorganization under Chapter 11 - Plan of Reorganization Narrative (Details) - USD ($) |
1 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 13, 2025 |
Mar. 31, 2025 |
Sep. 30, 2026 |
Mar. 18, 2025 |
Mar. 12, 2025 |
|
| Reorganization, Chapter 11 [Line Items] | |||||
| Warrant outstanding (in shares) | 24,255,256 | 24,255,256 | |||
| Private Placement | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Sale of stock, number of shares issued in transaction (in shares) | 16,067,305 | ||||
| Warrant outstanding (in shares) | 13,380,504 | ||||
| Exit secured notes | Secured Debt | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Principal amount | $ 840,000,000 | ||||
| Stated interest rate percentage | 92.50% | ||||
| Stated interest rate percentage, cash | 8.00% | ||||
| Stated interest rate percentage, paid-in-kind | 4.00% | ||||
| Exit secured notes | Secured Debt | Maximum | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Stated interest rate percentage | 12.00% | ||||
| Exit secured notes | Secured Debt | Minimum | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Stated interest rate percentage | 11.00% | ||||
| Exit Revolving Credit Facility | Letter of Credit | Revolving credit facility | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Principal amount | $ 275,000,000 | ||||
| Exit Revolving Credit Facility | Letter of Credit | Revolving credit facility | Forecast | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Principal amount | $ 250,000,000 | ||||
| Exit Revolving Credit Facility | Line of Credit | Revolving credit facility | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Uncommitted incremental revolving credit facility | $ 25,000,000 | ||||
| DIP Facility | Secured Debt | Revolving credit facility | |||||
| Reorganization, Chapter 11 [Line Items] | |||||
| Extinguishment of debt | $ 300,000,000 |
Emergence from Voluntary Reorganization under Chapter 11 - Reorganization Items Narrative (Details) - USD ($) $ in Thousands |
2 Months Ended | 4 Months Ended | 6 Months Ended |
|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reorganizations [Abstract] | |||
| Reorganization Items | $ (421,464) | $ 0 | $ 0 |
Emergence from Voluntary Reorganization under Chapter 11 - Schedule of Reorganization, Chapter 11 (Details) - USD ($) $ in Thousands |
2 Months Ended | 4 Months Ended | 6 Months Ended |
|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reorganization Items [Abstract] | |||
| Loss on Equity Rights Offering ("ERO") distribution and backstop issuance | $ 115,800 | ||
| Retained Professional fees | 29,700 | ||
| Reclass of ERO related expense and Exit RCF financing costs | 19,800 | ||
| Extinguishment of unvested stock compensation awards | 7,600 | ||
| Write off of prior RCF prepaid loan fees | 3,000 | ||
| Miscellaneous fees | 600 | ||
| Recognition of Exit Secured Notes and Exit RCF financing costs | (13,900) | ||
| Fresh start valuation adjustment | (22,500) | ||
| (Gain) on Class 4 settlement | (232,300) | ||
| (Gain) on Class 5 settlement | (329,300) | ||
| Reorganization (Gain) Expense, net | $ (421,464) | $ 0 | $ 0 |
Emergence from Voluntary Reorganization under Chapter 11 - Special Charges, Non-Operating Narrative (Details) - USD ($) |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reorganization Items [Abstract] | |||||
| Special charges, non-operating | $ 5,511,000 | $ 11,039,000 | $ 0 | $ 12,415,000 | $ 0 |
Fresh Start Accounting - Narrative (Details) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 13, 2025
USD ($)
debtInstrument
shares
|
Mar. 12, 2025
USD ($)
shares
|
Mar. 12, 2025
USD ($)
shares
|
Jun. 30, 2025
USD ($)
right
aircraft
|
Jun. 30, 2025
USD ($)
right
aircraft
|
Jun. 30, 2025
USD ($)
right
aircraft
|
Mar. 18, 2025 |
Dec. 31, 2024
USD ($)
|
|
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Reorganization, percent of successor common shares received by predecessor shareholders less than | 50.00% | |||||||
| Assets | $ 8,719,994 | $ 8,720,000 | $ 8,720,000 | $ 8,576,287 | $ 8,576,287 | $ 8,576,287 | $ 9,595,178 | |
| Reorganization value | 8,720,000 | $ 9,819,000 | 9,819,000 | |||||
| Selected enterprise value within bankruptcy court range | $ 6,450,000 | |||||||
| Number of Exit Secured Notes | debtInstrument | 35 | |||||||
| Number of publicly-traded Enhances Equipment Trust Certificates ("EETCs") | debtInstrument | 4 | |||||||
| Number of fixed aircraft loans | debtInstrument | 22 | |||||||
| Number of Payroll Support Program Agreements | debtInstrument | 3 | |||||||
| Number of aircraft to be purchased | aircraft | 22 | 22 | 22 | |||||
| Repayments of long-term debt | $ 25,500 | $ 35,900 | $ 42,100 | |||||
| Warrant outstanding (in shares) | shares | 24,255,256 | 24,255,256 | 24,255,256 | |||||
| Intangible assets | $ 83,482 | 83,482 | 83,482 | $ 83,482 | 550 | |||
| Deferred income taxes | $ 69,408 | $ 64,757 | $ 64,757 | $ 64,757 | $ 51,927 | |||
| Warrants, Tranche 1 | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Warrant outstanding (in shares) | shares | 3,617,385 | 3,617,385 | ||||||
| Warrants, Tranche 2 | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Warrant outstanding (in shares) | shares | 20,637,871 | 20,637,871 | ||||||
| Private Placement | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Sale of stock, number of shares issued in transaction (in shares) | shares | 16,067,305 | |||||||
| Warrant outstanding (in shares) | shares | 13,380,504 | |||||||
| Reorganization Items | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Assets | $ (286,711) | $ (286,711) | ||||||
| Payment of professional fees at Emergence | 8,191 | |||||||
| Debtor reorganization items, success fees | 2,600 | |||||||
| Repayments of long-term debt | 309,000 | |||||||
| Capitalized heavy maintenance costs, write-off | 120,900 | |||||||
| Impact of deferred gain on sale leaseback write off | 24,500 | |||||||
| Deferred income taxes | $ 16,900 | $ 16,900 | ||||||
| Reorganization Items | Air Carrier Slots | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Intangible assets | $ 83,500 | |||||||
| Exit secured notes | Secured Debt | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Principal amount | 840,000 | |||||||
| Stated interest rate percentage | 92.50% | |||||||
| LaGuardia Airport | Valuation, Market Approach Or Income Approach | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Number of airport take-off and landing sights ("Slots") | right | 22 | 22 | 22 | |||||
| G.A. Telesis | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Number of aircraft to be sold | aircraft | 21 | |||||||
| Minimum | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Selected enterprise value within bankruptcy court range | $ 6,100,000 | |||||||
| Debt instrument, fair value, aircraft loan (as a percent) | 95.61% | |||||||
| Minimum | Exit secured notes | Secured Debt | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Stated interest rate percentage | 11.00% | |||||||
| Minimum | Enhanced Equipment Trust Certificate | Secured Debt | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Stated interest rate percentage | 87.32% | |||||||
| Maximum | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Selected enterprise value within bankruptcy court range | $ 6,800,000 | |||||||
| Debt instrument, fair value, aircraft loan (as a percent) | 99.84% | |||||||
| Maximum | Exit secured notes | Secured Debt | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Stated interest rate percentage | 12.00% | |||||||
| Maximum | Enhanced Equipment Trust Certificate | Secured Debt | ||||||||
| Reorganization, Chapter 11 [Line Items] | ||||||||
| Stated interest rate percentage | 92.85% |
Fresh Start Accounting - Schedule of Fresh-Start Adjustments, Assets (Details) - USD ($) $ in Millions |
Mar. 13, 2025 |
Mar. 12, 2025 |
|---|---|---|
| Reorganizations [Abstract] | ||
| Enterprise Value | $ 6,450 | |
| Plus: Excess cash and cash equivalents | 508 | |
| Plus: Non-operating assets | 447 | |
| Plus: Current and other liabilities (excluding debt) | 1,315 | |
| Reorganization Value | $ 8,720 | $ 9,819 |
Fresh Start Accounting - Schedule of Consolidated Successor Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
Mar. 13, 2025 |
Mar. 12, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Current assets: | ||||||||
| Cash and cash equivalents | $ 407,511 | $ 388,607 | $ 902,057 | |||||
| Restricted cash | 176,618 | |||||||
| Short-term investment securities | 119,315 | |||||||
| Accounts receivable, net | 201,681 | |||||||
| Prepaid expenses and other current assets | 253,057 | 257,294 | 278,366 | |||||
| Assets held for sale | 449,149 | 447,271 | 463,020 | |||||
| Total current assets | 1,481,219 | 1,590,787 | 2,109,122 | |||||
| Property and equipment: | ||||||||
| Flight equipment | 1,893,585 | 1,888,698 | 2,736,461 | |||||
| Ground property and equipment | 447,030 | 441,866 | 783,645 | |||||
| Less accumulated depreciation | (51,434) | 0 | (1,027,872) | |||||
| Total property and equipment, net | 2,289,181 | 2,330,564 | 2,492,234 | |||||
| Operating lease right-of-use assets | 4,457,889 | 4,436,918 | 4,583,734 | |||||
| Intangible assets | 83,482 | 83,482 | 550 | |||||
| Pre-delivery deposits on flight equipment | 73,572 | 85,495 | 113,493 | |||||
| Deferred heavy maintenance, net | 115,451 | 125,705 | 241,094 | |||||
| Other long-term assets | 75,493 | 67,043 | 54,951 | |||||
| Total assets | 8,576,287 | 8,719,994 | $ 8,720,000 | 9,595,178 | ||||
| Current liabilities: | ||||||||
| Accounts payable | 147,676 | 46,676 | 32,385 | |||||
| Air traffic liability | 407,473 | 518,668 | 436,813 | |||||
| Current maturities of long-term debt, net, and finance leases | 121,190 | 165,689 | 436,532 | |||||
| Current maturities of operating leases | 239,633 | 242,230 | 257,796 | |||||
| Other current liabilities | 537,556 | 582,249 | 605,839 | |||||
| Total current liabilities | 1,453,528 | 1,555,512 | 1,769,365 | |||||
| Long-term debt, net and finance leases, less current maturities | 2,242,448 | 2,054,124 | 1,761,215 | |||||
| Operating leases, less current maturities | 4,228,832 | 4,208,781 | 4,335,106 | |||||
| Deferred income taxes | 64,757 | 69,408 | 51,927 | |||||
| Deferred gains and other long-term liabilities | 107,277 | 97,799 | 122,595 | |||||
| Total liabilities not subject to compromise | 7,985,623 | |||||||
| Liabilities subject to compromise | 0 | 1,600,000 | 1,635,104 | |||||
| Shareholders’ equity: | ||||||||
| Predecessor common stock | 2 | 2 | 11 | |||||
| Predecessor Additional paid-in capital | 736,212 | 734,368 | 1,173,692 | |||||
| Predecessor Treasury stock at cost | 0 | (81,285) | ||||||
| Retained Earnings (Accumulated Deficit) | (256,767) | (1,172,740) | ||||||
| Accumulated other comprehensive income (loss) | (2) | 188 | ||||||
| Total shareholders’ equity (deficit) | 479,445 | $ 723,413 | 734,370 | $ 734,370 | (80,134) | $ 809,662 | $ 1,002,257 | $ 1,134,342 |
| Total liabilities and shareholders’ equity (deficit) | $ 8,576,287 | 8,719,994 | $ 9,595,178 | |||||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
| Predecessor | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ 678,382 | |||||||
| Restricted cash | 171,325 | |||||||
| Short-term investment securities | 119,315 | |||||||
| Accounts receivable, net | 201,681 | |||||||
| Prepaid expenses and other current assets | 259,522 | |||||||
| Assets held for sale | 447,271 | |||||||
| Total current assets | 1,877,498 | |||||||
| Property and equipment: | ||||||||
| Flight equipment | 2,739,143 | |||||||
| Ground property and equipment | 787,057 | |||||||
| Less accumulated depreciation | (1,062,116) | |||||||
| Total property and equipment, net | 2,464,084 | |||||||
| Operating lease right-of-use assets | 4,631,428 | |||||||
| Intangible assets | 550 | |||||||
| Pre-delivery deposits on flight equipment | 85,495 | |||||||
| Deferred heavy maintenance, net | 246,576 | |||||||
| Other long-term assets | 67,043 | |||||||
| Total assets | 9,372,673 | |||||||
| Current liabilities: | ||||||||
| Accounts payable | 52,242 | |||||||
| Air traffic liability | 518,668 | |||||||
| Current maturities of long-term debt, net, and finance leases | 471,698 | |||||||
| Current maturities of operating leases | 259,713 | |||||||
| Other current liabilities | 623,035 | |||||||
| Total current liabilities | 1,925,357 | |||||||
| Long-term debt, net and finance leases, less current maturities | 1,704,517 | |||||||
| Operating leases, less current maturities | 4,380,845 | |||||||
| Deferred income taxes | 52,556 | |||||||
| Deferred gains and other long-term liabilities | 120,795 | |||||||
| Total liabilities not subject to compromise | 8,184,070 | |||||||
| Liabilities subject to compromise | 1,635,104 | |||||||
| Shareholders’ equity: | ||||||||
| Predecessor common stock | 11 | |||||||
| Predecessor Additional paid-in capital | 1,174,925 | |||||||
| Predecessor Treasury stock at cost | (81,285) | |||||||
| Retained Earnings (Accumulated Deficit) | (1,540,278) | |||||||
| Accumulated other comprehensive income (loss) | 127 | |||||||
| Total shareholders’ equity (deficit) | (446,501) | |||||||
| Total liabilities and shareholders’ equity (deficit) | 9,372,673 | |||||||
| Reorganization Items | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | (289,775) | |||||||
| Restricted cash | 5,293 | |||||||
| Prepaid expenses and other current assets | (2,229) | |||||||
| Total current assets | (286,711) | |||||||
| Property and equipment: | ||||||||
| Total assets | (286,711) | |||||||
| Current liabilities: | ||||||||
| Accounts payable | (5,566) | |||||||
| Current maturities of long-term debt, net, and finance leases | (309,000) | |||||||
| Other current liabilities | (39,250) | |||||||
| Total current liabilities | (353,816) | |||||||
| Long-term debt, net and finance leases, less current maturities | 526,841 | |||||||
| Deferred income taxes | 16,900 | |||||||
| Total liabilities not subject to compromise | 173,025 | |||||||
| Liabilities subject to compromise | (1,635,104) | |||||||
| Shareholders’ equity: | ||||||||
| Predecessor common stock | 2 | (11) | ||||||
| Predecessor Additional paid-in capital | $ 734,368 | (1,174,925) | ||||||
| Predecessor Treasury stock at cost | 81,285 | |||||||
| Retained Earnings (Accumulated Deficit) | 1,534,648 | |||||||
| Total shareholders’ equity (deficit) | 1,175,368 | |||||||
| Total liabilities and shareholders’ equity (deficit) | (286,711) | |||||||
| Fresh Start Adjustment | ||||||||
| Current assets: | ||||||||
| Total current assets | 0 | |||||||
| Property and equipment: | ||||||||
| Flight equipment | (850,445) | |||||||
| Ground property and equipment | (345,190) | |||||||
| Less accumulated depreciation | 1,062,116 | |||||||
| Total property and equipment, net | (133,520) | |||||||
| Operating lease right-of-use assets | (194,510) | |||||||
| Intangible assets | 82,932 | |||||||
| Deferred heavy maintenance, net | (120,871) | |||||||
| Total assets | (365,969) | |||||||
| Current liabilities: | ||||||||
| Current maturities of long-term debt, net, and finance leases | 2,991 | |||||||
| Current maturities of operating leases | (17,483) | |||||||
| Other current liabilities | (1,536) | |||||||
| Total current liabilities | (16,029) | |||||||
| Long-term debt, net and finance leases, less current maturities | (177,234) | |||||||
| Operating leases, less current maturities | (172,065) | |||||||
| Deferred income taxes | 16,852 | |||||||
| Deferred gains and other long-term liabilities | (22,996) | |||||||
| Total liabilities not subject to compromise | (371,472) | |||||||
| Shareholders’ equity: | ||||||||
| Retained Earnings (Accumulated Deficit) | 5,630 | |||||||
| Accumulated other comprehensive income (loss) | (127) | |||||||
| Total shareholders’ equity (deficit) | 5,503 | |||||||
| Total liabilities and shareholders’ equity (deficit) | $ (365,969) |
Fresh Start Accounting - Schedule of Net Change In Cash and Cash Equivalents (Details) - Reorganization Items $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Funds received from the Equity Rights Offering | $ 350,000 |
| Repayment of Debtor in Possession financing principal and accrued interest | (310,555) |
| Repayment of prepetition Revolving Credit Facility | (300,856) |
| Funding to the professional fee escrow account | (5,293) |
| Payment of professional fees at Emergence | (8,191) |
| Payment of accrued interest on prepetition Senior Secured Notes | (12,826) |
| Payment of accrued interest on prepetition Convertible Senior Notes | (2,013) |
| Payment of Exit RCF Administrative Agent Fees | (41) |
| Net change in cash and cash equivalents | $ (289,775) |
Fresh Start Accounting - Schedule of Net Change in Restricted Cash (Details) - Reorganization Items $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Funding to the professional fee escrow account | $ 5,293 |
| Restricted cash | $ 5,293 |
Fresh Start Accounting - Schedule of Net Change in Other Liabilities (Details) - Reorganization Items $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Accrual of professional fees earned at Emergence | $ 13,000 |
| Settlement of the Backstop Commitment Premium in Successor shares | (35,000) |
| Payment of accrued interest on prepetition Senior Secured Notes | (12,826) |
| Payment of accrued interest on prepetition Convertible Senior Notes | (2,013) |
| Payment of accrued interest on the Debtor in Possession facility | (1,555) |
| Payment of accrued interest on prepetition Revolving Credit Facility | (856) |
| Net change in other liabilities | $ (39,250) |
Fresh Start Accounting - Schedule of Changes in Long-Term Debt (Details) - USD ($) $ in Thousands |
2 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
Mar. 12, 2025 |
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reorganization, Chapter 11 [Line Items] | ||||
| Issuance of Exit Secured Notes | $ 0 | $ 215,000 | $ 123,500 | |
| Reorganization Items | ||||
| Reorganization, Chapter 11 [Line Items] | ||||
| Issuance of Exit Secured Notes | $ 840,000 | |||
| Recognition of deferred financing costs related to the Exit Secured Notes | (13,159) | |||
| Repayment of the prepetition Revolving Credit Facility principal | (300,000) | |||
| Total debt principal payments | $ 526,841 |
Fresh Start Accounting - Schedule of Accordance with the Plan (Details) - Reorganization Items $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Total liabilities subject to compromise settled in accordance with the Plan | $ (1,635,104) |
| Class 4 Debt | |
| Reorganization, Chapter 11 [Line Items] | |
| Total liabilities subject to compromise settled in accordance with the Plan | (1,110,000) |
| Class 5 Debt | |
| Reorganization, Chapter 11 [Line Items] | |
| Total liabilities subject to compromise settled in accordance with the Plan | $ (525,104) |
Fresh Start Accounting - Gain on Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands |
2 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
Mar. 12, 2025 |
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reorganization, Chapter 11 [Line Items] | ||||
| Issuance of Exit Secured Notes to settle Class 4 and Class 5 claims | $ 0 | $ (215,000) | $ (123,500) | |
| Issuance of Successor shares to settle Class 5 claims | $ (55,836) | |||
| Reorganization Items | ||||
| Reorganization, Chapter 11 [Line Items] | ||||
| Prepetition debt obligations settled at Emergence | 1,635,104 | |||
| Issuance of Exit Secured Notes to settle Class 4 and Class 5 claims | (840,000) | |||
| Issuance of Successor shares to settle Class 4 claims | (177,694) | |||
| Gain on liabilities subject to compromise | $ 561,574 |
Fresh Start Accounting - Changes to Common Stock and Additional Paid-in Capital (Details) - USD ($) $ in Thousands |
2 Months Ended | 6 Months Ended | |
|---|---|---|---|
Mar. 13, 2025 |
Mar. 12, 2025 |
Jun. 30, 2025 |
|
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of Successor common stock | $ 292,625 | ||
| Issuance of warrants | 441,745 | ||
| Common Stock | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of Successor common stock | 2 | ||
| Additional Paid-In-Capital | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of Successor common stock | 292,623 | ||
| Issuance of warrants | $ 441,745 | $ 441,700 | |
| Reorganization Items | Common Stock Including Additional Paid in Capital | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Change in equity | $ 734,370 | ||
| Reorganization Items | Common Stock | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Change in equity | (2) | ||
| Reorganization Items | Additional Paid-In-Capital | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Change in equity | 734,368 | ||
| Reorganization, Class 4 and Class 5 Settlements | Common Stock Including Additional Paid in Capital | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of Successor common stock | 138,754 | ||
| Reorganization, Class 4 and Class 5 Settlements | Common Stock Including Additional Paid in Capital | Warrants, Tranche 2 | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of warrants | 94,775 | ||
| Reorganization, Class 4 and Class 5 Settlements | Common Stock Including Additional Paid in Capital | Warrants, Section 16 | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of warrants | 65,881 | ||
| Reorganization, Backstop Commitment and Backstop Premium | Common Stock Including Additional Paid in Capital | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of Successor common stock | 153,870 | ||
| Reorganization, Backstop Commitment and Backstop Premium | Common Stock Including Additional Paid in Capital | Warrants, Tranche 2 | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Issuance of warrants | $ 281,089 |
Fresh Start Accounting - Plan and ERO was derived from the Selected Enterprise Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
Mar. 13, 2025 |
Mar. 12, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Reorganizations [Abstract] | ||||||||
| Enterprise Value | $ 6,450,000 | |||||||
| Minus: Debt and operating leases | (6,671,000) | |||||||
| Plus: Excess cash and cash equivalents | 508,000 | |||||||
| Plus: Non-operating assets | 447,000 | |||||||
| Total shareholders’ equity (deficit) | $ 479,445 | $ 723,413 | $ 734,370 | $ 734,370 | $ (80,134) | $ 809,662 | $ 1,002,257 | $ 1,134,342 |
Fresh Start Accounting - Schedule of Net Change to Retained Earnings (Details) - Reorganization Items - Retained Earnings (Deficit) $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Extinguishment of Predecessor equity | $ 1,093,651 |
| Gain on settlement of liabilities subject to compromise | 561,574 |
| Gain on issuance of Successor shares via the Equity Rights Offering | (115,840) |
| Recognition of deferred financing costs related to the Exit Secured Notes | 13,159 |
| Recognition of deferred financing costs related to the Exit Revolving Credit Facility | 775 |
| Professional fees earned at Emergence | (15,625) |
| Write off of remaining old RCF prepaid loan fees | (3,003) |
| Recognition of Exit RCF Administrative Agent Fees | (41) |
| Change in equity | $ 1,534,648 |
Fresh Start Accounting - Schedule of Fair Value of Flight Equipment by Asset Class (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 13, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Reorganization, Chapter 11 [Line Items] | |||
| Flight equipment | $ 1,893,585 | $ 1,888,698 | $ 2,736,461 |
| Airframes | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Flight equipment | 1,382,116 | ||
| Engines | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Flight equipment | 301,906 | ||
| Spare rotables and repairables | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Flight equipment | $ 204,676 |
Fresh Start Accounting - Schedule of Fair Value of Ground Property and Equipment by Asset Class (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 13, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | $ 447,030 | $ 441,866 | $ 783,645 |
| Other equipment and vehicles | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | 108,598 | ||
| Internal use software | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | 50,587 | ||
| Buildings | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | 230,003 | ||
| Leasehold improvements | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | 19,485 | ||
| Land | |||
| Reorganization, Chapter 11 [Line Items] | |||
| Other property and equipment | $ 33,193 |
Fresh Start Accounting - Schedule of Long Term Debt And Finance Lease Fair Value Adjustments (Details) - Reorganization Items $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Finance lease liabilities due to Failed Sale Leasebacks | $ (45,090) |
| Net change to long-term debt and finance leases | (174,243) |
| Exit secured notes | |
| Reorganization, Chapter 11 [Line Items] | |
| Long term debt fair value adjustments | (24,488) |
| Enhanced Equipment Trust Certificate | |
| Reorganization, Chapter 11 [Line Items] | |
| Long term debt fair value adjustments | (54,118) |
| Fixed Rate And Senior Term Loans Due Through 2031 | |
| Reorganization, Chapter 11 [Line Items] | |
| Long term debt fair value adjustments | (5,540) |
| Unsecured Term Loans Due 2031 | |
| Reorganization, Chapter 11 [Line Items] | |
| Long term debt fair value adjustments | $ (45,007) |
Fresh Start Accounting - Schedule of Changes to Retained Earnings (Details) - Fresh Start Adjustment $ in Thousands |
Mar. 12, 2025
USD ($)
|
|---|---|
| Reorganization, Chapter 11 [Line Items] | |
| Valuation adjustment to the Company's assets due to the adoption of fresh start accounting | $ (171,459) |
| Valuation adjustment to the Company's debt and financing lease obligations due to the adoption of fresh start accounting | 174,243 |
| Impact of IBR change to right of use assets | (194,510) |
| Impact of IBR change to operating lease liabilities | 189,549 |
| Impact of deferred gain on sale leaseback write off | 24,532 |
| Impact to deferred tax balances | (16,852) |
| Elimination of accumulated other comprehensive income | 127 |
| Change in equity | $ 5,630 |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 13, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Revenue from Contract with Customer [Abstract] | |||
| Air traffic liability | $ 407,473 | $ 518,668 | $ 436,813 |
Loss (Gain) on Disposal (Details) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
|
Mar. 12, 2025
USD ($)
aircraftLeasebackTransaction
|
Jun. 30, 2025
USD ($)
aircraftLeasebackTransaction
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain (loss) on disposal of assets | $ (11,655) | $ 309 | $ 14,047 | $ 328 | $ 17,076 |
| Fixed asset impairment charges | 1,700 | ||||
| Obsolete Assets | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain (loss) on disposal of assets | 400 | 900 | |||
| Aircraft Leaseback Transaction, New Aircraft Deliveries | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain on sale-leaseback transaction | $ 6,400 | $ 2,900 | |||
| Number of aircraft related to loss | aircraftLeasebackTransaction | 2 | 1 | |||
| A320 and A321 | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Fixed asset impairment charges | $ 18,500 | ||||
| Airbus A319 | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain (loss) on disposal of assets | $ 900 | ||||
Special Charges (Credits) (Details) - USD ($) |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Special Charges and Credits [Abstract] | |||||
| Special charges, non-operating | $ 5,511,000 | $ 11,039,000 | $ 0 | $ 12,415,000 | $ 0 |
Equity (Details) |
2 Months Ended | 4 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|---|
|
Mar. 13, 2025
USD ($)
shares
|
Mar. 12, 2025
USD ($)
agreement
$ / shares
shares
|
Dec. 30, 2024
USD ($)
$ / shares
|
Mar. 12, 2025
USD ($)
agreement
$ / shares
shares
|
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
|
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
|
Jun. 30, 2024
USD ($)
|
|
| Class of Stock [Line Items] | |||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
| Warrant outstanding (in shares) | 24,255,256 | 24,255,256 | 24,255,256 | ||||
| Proceeds from issuance of common stock and warrants | $ | $ 350,000,000 | $ 0 | $ 0 | ||||
| Number of warrant agreements | agreement | 2 | 2 | |||||
| Number of warrant (in shares) | 1 | 1 | |||||
| Strike price (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||
| Number of warrants (in shares) | 9,800,000 | 9,800,000 | |||||
| Issuance of warrants | $ | $ 441,745,000 | ||||||
| Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | |||||
| Number of votes for each share | vote | 1 | 1 | |||||
| Additional Paid-In-Capital | |||||||
| Class of Stock [Line Items] | |||||||
| Issuance of warrants | $ | $ 441,745,000 | $ 441,700,000 | |||||
| Backstop Commitment Agreement, Specified Parties, November 18, 2024 | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, issued (in shares) | 678,587 | 678,587 | |||||
| Warrant outstanding (in shares) | 5,670,853 | 5,670,853 | |||||
| Backstop Commitment Agreement, Specified Parties | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, issued (in shares) | 3,849,442 | 3,849,442 | |||||
| Proceeds from issuance of common stock and warrants | $ | $ 53,892,188 | ||||||
| Senior Notes | |||||||
| Class of Stock [Line Items] | |||||||
| Debtor reorganization items, debt equitization | $ | 410,000,000 | ||||||
| Convertible Notes | |||||||
| Class of Stock [Line Items] | |||||||
| Debtor reorganization items, debt equitization | $ | $ 385,000,000 | ||||||
| Debt Equitization | |||||||
| Class of Stock [Line Items] | |||||||
| Warrant outstanding (in shares) | 5,203,899 | 5,203,899 | |||||
| Warrants, Tranche 1 | |||||||
| Class of Stock [Line Items] | |||||||
| Warrant outstanding (in shares) | 3,617,385 | 3,617,385 | |||||
| Warrants, Tranche 2 | |||||||
| Class of Stock [Line Items] | |||||||
| Warrant outstanding (in shares) | 20,637,871 | 20,637,871 | |||||
| Debt Equitization | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, issued (in shares) | 7,618,664 | 7,618,664 | |||||
| Private Placement | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, issued (in shares) | 7,770,054 | ||||||
| Warrant outstanding (in shares) | 13,380,504 | ||||||
| Proceeds from issuance of common stock and warrants | $ | $ 296,107,812 | ||||||
| Sale of stock, backstopped equity commitment, amount to be received | $ | $ 350,000,000 | ||||||
| Sale of stock price per share (in dollars per share) | $ / shares | $ 14.00 | ||||||
Earnings (Loss) per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|---|---|
Mar. 31, 2025 |
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Numerator | |||||||
| Net income (loss) | $ (10,936) | $ 72,216 | $ (245,831) | $ (192,927) | $ (142,635) | $ (256,767) | $ (335,562) |
| Denominator | |||||||
| Weighted-average shares outstanding, basic (in shares) | 109,525 | 33,972 | 109,506 | 31,505 | 109,468 | ||
| Effect of dilutive shares (in shares) | 0 | 0 | 0 | 0 | 0 | ||
| Adjusted weighted-average shares outstanding, diluted (in shares) | 109,525 | 33,972 | 109,506 | 31,505 | 109,468 | ||
| Earnings (loss) per share | |||||||
| Basic earnings (loss) per common share (in dollars per share) | $ 0.66 | $ (7.24) | $ (1.76) | $ (8.15) | $ (3.07) | ||
| Diluted earnings (loss) per common share (in dollars per share) | $ 0.66 | $ (7.24) | $ (1.76) | $ (8.15) | $ (3.07) | ||
Earnings (Loss) per Share - Narrative (Details) |
2 Months Ended |
|---|---|
|
Mar. 12, 2025
shares
| |
| Common Stock | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Anti-dilutive weighted average shares (in shares) | 913,383 |
Short-term Investment Securities (Details) - USD ($) |
1 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|
| Investments, Debt and Equity Securities [Abstract] | ||
| Proceeds from settlement of available-for-sale securities | $ 120,500,000 | |
| Realized loss on available-for-sale securities | 100,000 | |
| Short-term investment securities | $ 0 | $ 118,334,000 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 13, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Payables and Accruals [Abstract] | |||
| Salaries, wages and benefits | $ 171,778 | $ 187,626 | |
| Federal excise and other passenger taxes and fees payable | 113,958 | 110,141 | |
| Airport obligations | 75,847 | 66,518 | |
| Aircraft maintenance | 74,665 | 103,133 | |
| Interest payable | 33,658 | 26,780 | |
| Aircraft and facility lease obligations | 29,097 | 23,926 | |
| Fuel | 4,519 | 5,202 | |
| Backstop premium obligation | 0 | 35,000 | |
| Other | 34,034 | 47,513 | |
| Other current liabilities | $ 537,556 | $ 582,249 | $ 605,839 |
Leases - Narrative (Details) |
3 Months Ended | 6 Months Ended |
|---|---|---|
|
Sep. 30, 2025
aircraftEngine
|
Jun. 30, 2025
USD ($)
aircraftEngine
aircraft
|
|
| Lessee, Lease, Description [Line Items] | ||
| Number of aircraft under direct operating leases | 1 | |
| Number of spare engines owned | aircraftEngine | 32 | |
| Number of spare engines unencumbered | aircraftEngine | 0 | |
| Noncancellable short-term operating lease, payments, remainder of year | $ | $ 2,200,000 | |
| Noncancellable short-term operating lease, payments, year one and beyond | $ | $ 0 | |
| Aircraft | ||
| Lessee, Lease, Description [Line Items] | ||
| Number of aircraft owned | 49 | |
| Number of aircraft unencumbered | 0 | |
| Failed aircraft sale leaseback | 18 | |
| A320 Family | Aircraft | ||
| Lessee, Lease, Description [Line Items] | ||
| Number of aircraft owned | 215 | |
| Aircraft | ||
| Lessee, Lease, Description [Line Items] | ||
| Number of aircraft under sale-leaseback transactions | 3 | |
| Aircraft | A320 Family | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases of lessee, number of leased assets | 148 | |
| Aircraft | Minimum | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases, term | 4 years | |
| Aircraft | Maximum | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases, term | 18 years | |
| Other | Maximum | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases, term | 99 years | |
| Spare Engines | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases of lessee, number of leased assets | aircraftEngine | 5 | |
| Spare Engines | Subsequent Event | ||
| Lessee, Lease, Description [Line Items] | ||
| Number of spare engines in completed sale leaseback transactions | aircraftEngine | 14 | |
| Leased Computer And Office Equipment | ||
| Lessee, Lease, Description [Line Items] | ||
| Finance leases, term | 5 years |
Leases - Finance and Operating Lease Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 13, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Finance Leases | |||
| Remainder of 2025 | $ 110 | ||
| 2026 | 141 | ||
| 2027 | 93 | ||
| 2028 | 67 | ||
| 2029 | 5 | ||
| 2030 and thereafter | 0 | ||
| Total minimum lease payments | 416 | ||
| Less amount representing interest | 37 | ||
| Present value of minimum lease payments | 379 | ||
| Less current portion | 181 | ||
| Long-term portion | 198 | ||
| Operating Leases | |||
| Less current portion | 239,633 | $ 242,230 | $ 257,796 |
| Long-term portion | 4,228,832 | $ 4,208,781 | $ 4,335,106 |
| Total Operating and Finance Lease Obligations | |||
| Remainder of 2025 | 292,684 | ||
| 2026 | 563,420 | ||
| 2027 | 546,620 | ||
| 2028 | 524,439 | ||
| 2029 | 508,540 | ||
| 2030 and thereafter | 5,244,711 | ||
| Total minimum lease payments | 7,680,414 | ||
| Less amount representing interest | 3,211,570 | ||
| Present value of minimum lease payments | 4,468,844 | ||
| Less current portion | 239,814 | ||
| Long-term portion | $ 4,229,030 | ||
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Including Current Maturities | ||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current maturities of long-term debt, net, and finance leases | ||
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, net and finance leases, less current maturities | ||
| Aircraft and Spare Engine Leases | |||
| Operating Leases | |||
| Remainder of 2025 | $ 290,154 | ||
| 2026 | 558,340 | ||
| 2027 | 542,387 | ||
| 2028 | 521,615 | ||
| 2029 | 506,403 | ||
| 2030 and thereafter | 5,103,074 | ||
| Total minimum lease payments | 7,521,973 | ||
| Less amount representing interest | 3,077,031 | ||
| Present value of minimum lease payments | 4,444,942 | ||
| Less current portion | 235,446 | ||
| Long-term portion | 4,209,496 | ||
| Property Facility Leases | |||
| Operating Leases | |||
| Remainder of 2025 | 2,420 | ||
| 2026 | 4,939 | ||
| 2027 | 4,140 | ||
| 2028 | 2,757 | ||
| 2029 | 2,132 | ||
| 2030 and thereafter | 141,637 | ||
| Total minimum lease payments | 158,025 | ||
| Less amount representing interest | 134,502 | ||
| Present value of minimum lease payments | 23,523 | ||
| Less current portion | 4,187 | ||
| Long-term portion | $ 19,336 |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Finance lease cost | |||||
| Amortization of leased assets | $ 38 | $ 48 | $ 78 | $ 58 | $ 152 |
| Interest of lease liabilities | 5 | 6 | 9 | 8 | 17 |
| Operating lease cost | |||||
| Operating lease cost | 114,508 | 141,964 | 124,703 | 171,634 | 241,866 |
| Short-term lease cost | 5,574 | 1,410 | 10,975 | 8,441 | 21,137 |
| Variable lease cost | 55,750 | 61,735 | 58,629 | 77,163 | 113,529 |
| Total lease cost | $ 175,875 | $ 205,163 | $ 194,394 | $ 257,304 | $ 376,701 |
Leases - Weighted Average Lease Terms and Discount Rates (Details) |
Jun. 30, 2025 |
Jun. 30, 2024 |
|---|---|---|
| Weighted-average remaining lease term | ||
| Operating leases | 14 years 9 months 18 days | 15 years |
| Finance leases | 2 years 7 months 6 days | 3 years 2 months 12 days |
| Weighted-average discount rate | ||
| Operating leases | 7.83% | 7.05% |
| Finance leases | 6.18% | 5.65% |
Commitments, Contingencies and Other Contractual Arrangements - Aircraft-Related Commitments and Financing Arrangements and Other Commitments (Details) |
2 Months Ended | 3 Months Ended | 4 Months Ended | |
|---|---|---|---|---|
|
Mar. 12, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
aircraftEngine
aircraft
|
Jun. 30, 2025
USD ($)
aircraftEngine
aircraft
|
Mar. 13, 2025
aircraftEngine
|
|
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Number of delivered aircraft with secured debt financing commitments | aircraft | 67 | 67 | ||
| Aircraft-Related Secured Debt | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Interest commitments, remainder of fiscal year | $ 44,100,000 | $ 44,100,000 | ||
| Interest commitments, 2026 | 80,300,000 | 80,300,000 | ||
| Interest commitments, 2027 | 69,000,000.0 | 69,000,000.0 | ||
| Interest commitments, 2028 | 50,100,000 | 50,100,000 | ||
| Interest commitments, 2029 | 35,300,000 | 35,300,000 | ||
| Interest commitments, 2030 and thereafter | 106,600,000 | 106,600,000 | ||
| Unsecured term loans | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Interest commitments, remainder of fiscal year | 1,700,000 | 1,700,000 | ||
| Interest commitments, 2026 | 3,400,000 | 3,400,000 | ||
| Interest commitments, 2027 | 3,400,000 | 3,400,000 | ||
| Interest commitments, 2028 | 3,400,000 | 3,400,000 | ||
| Interest commitments, 2029 | 3,400,000 | 3,400,000 | ||
| Interest commitments, 2030 and thereafter | 3,700,000 | 3,700,000 | ||
| Exit secured notes | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Interest commitments, remainder of fiscal year | 34,500,000 | 34,500,000 | ||
| Interest commitments, 2026 | 70,500,000 | 70,500,000 | ||
| Interest commitments, 2027 | 73,300,000 | 73,300,000 | ||
| Interest commitments, 2028 | 76,300,000 | 76,300,000 | ||
| Interest commitments, 2029 | 79,400,000 | 79,400,000 | ||
| Interest commitments, 2030 and thereafter | 24,200,000 | 24,200,000 | ||
| Aircraft and Related Flight Equipment | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Committed expenditures, remainder of fiscal year | 18,000,000.0 | 18,000,000.0 | ||
| Committed expenditures, 2026 | 12,300,000 | 12,300,000 | ||
| Committed expenditures, 2027 | 183,000,000.0 | 183,000,000.0 | ||
| Committed expenditures, 2028 | 297,800,000 | 297,800,000 | ||
| Committed expenditures, 2029 | 1,124,300,000 | 1,124,300,000 | ||
| Committed expenditures, 2030 and thereafter | 1,857,800,000 | 1,857,800,000 | ||
| Non-aircraft Related Commitments | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Committed expenditures, remainder of fiscal year | 26,600,000 | 26,600,000 | ||
| Committed expenditures, 2026 | 40,400,000 | 40,400,000 | ||
| Committed expenditures, 2027 | 33,100,000 | 33,100,000 | ||
| Committed expenditures, 2028 | 7,100,000 | 7,100,000 | ||
| Committed expenditures, 2029 | 1,900,000 | 1,900,000 | ||
| Committed expenditures, 2030 and thereafter | 3,700,000 | 3,700,000 | ||
| PW1100 GTF Engine | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Vendor consideration credit, expense offset, total amount received | 72,400,000 | 72,400,000 | ||
| Vendor consideration credit, expense offset, asset basis reduction | 38,100,000 | |||
| Vendor consideration credit, depreciation and amortization, asset basis reduction | $ 6,100,000 | 6,000,000 | 7,200,000 | |
| PW1100 GTF Engine | Aircraft Maintenance, Materials, and Repairs | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Vendor consideration credit, expense offset | 14,300,000 | |||
| Airbus | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Future aircraft to be received | aircraftEngine | 27 | |||
| Third Party Lessor | A320 and A321 | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Aircraft rent commitments, remainder of fiscal year | 0 | 0 | ||
| Aircraft rent commitments, 2026 | 0 | 0 | ||
| Aircraft rent commitments, 2027 | 63,500,000 | 63,500,000 | ||
| Aircraft rent commitments, 2028 | 162,300,000 | 162,300,000 | ||
| Aircraft rent commitments, 2029 | 210,300,000 | 210,300,000 | ||
| Aircraft rent commitments, 2030 and beyond | $ 2,087,300,000 | $ 2,087,300,000 | ||
| 2029 Through 2031 | Airbus | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Future aircraft to be received | aircraft | 52 | 52 | ||
| 2024 Through 2031 | PurePower PW1100G-JM Engine | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Number of spare aircraft engines ordered | aircraftEngine | 16 | 16 | ||
| 2024 Through 2031 | Airbus | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Number of aircraft without secured financing commitments scheduled for delivery | aircraft | 52 | 52 | ||
| 2027 Through 2028 | Third Party Lessor | A320 and A321 | ||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
| Future aircraft to be received | aircraft | 36 | 36 |
Commitments, Contingencies and Other Contractual Arrangements - Litigation and Assessments And Credit Card Processing Arrangements (Details) |
6 Months Ended | ||||
|---|---|---|---|---|---|
|
Jul. 02, 2024
USD ($)
extension
|
Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Jul. 19, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
|
| Restricted Cash and Cash Equivalent Item [Line Items] | |||||
| Internal revenue service federal excise taxes | $ 27,500,000 | $ 34,900,000 | |||
| Recognized a loss contingency | $ 0 | ||||
| Maximum potential exposure to cash holdbacks from credit card processors | 491,600,000 | $ 469,200,000 | |||
| Number of extensions, credit card processing agreement | extension | 2 | ||||
| Extension period, credit card processing agreement | 1 year | ||||
| Credit Card Processor | |||||
| Restricted Cash and Cash Equivalent Item [Line Items] | |||||
| Restricted cash | $ 200,000,000 | ||||
| Credit Card Processor | Collateral Pledged | |||||
| Restricted Cash and Cash Equivalent Item [Line Items] | |||||
| Restricted cash | $ 50,000,000 | 25,000,000 | |||
| Credit Card Holdbacks | |||||
| Restricted Cash and Cash Equivalent Item [Line Items] | |||||
| Restricted cash | $ 0 | $ 0 |
Commitments, Contingencies and Other Contractual Arrangements - Employees (Details) $ in Millions |
2 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Nov. 01, 2025
pilot
|
Oct. 01, 2025
pilot
|
Mar. 12, 2025
USD ($)
pilot
employee
|
Jun. 30, 2025
employeeGroup
employee
|
|
| Concentration Risk [Line Items] | ||||
| Number of pilots furloughed (approximately) | 200 | |||
| Furlough expenses | $ | $ 0.9 | |||
| Number of positions eliminated from various departments (approximately) | employee | 200 | |||
| Expenses related to eliminated positions | $ | $ 1.8 | |||
| Forecast | ||||
| Concentration Risk [Line Items] | ||||
| Number of pilots furloughed (approximately) | 270 | |||
| Number of pilots downgraded during period | 140 | |||
| Aircraft Mechanics Fraternal Association ("AMFA") | ||||
| Concentration Risk [Line Items] | ||||
| Number of employees included in union application (approximately) | employee | 558 | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | ||||
| Concentration Risk [Line Items] | ||||
| Number of union-represented employee groups | employeeGroup | 6 | |||
| Company's employees covered under collective bargaining agreements percentage | 83.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | Air Line Pilots Association, International ("ALPA") (2) | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 26.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | Association of Flight Attendants ("AFA-CWA") | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 44.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | Professional Airline Flight Control Association ("PAFCA") | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 1.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | International Association of Machinists and Aerospace Workers ("IAMAW") | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 4.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | Transport Workers Union of America ("TWU") | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 3.00% | |||
| Unionized Employees Concentration Risk | Number of Employees, Total | Aircraft Mechanics Fraternal Association ("AMFA") | ||||
| Concentration Risk [Line Items] | ||||
| Company's employees covered under collective bargaining agreements percentage | 5.00% |
Fair Value Measurements - Narrative (Details) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2025
USD ($)
aircraft
|
Mar. 13, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Intangible assets | $ 83,482 | $ 83,482 | $ 550 |
| Number of aircraft to be sold, held-for-sale | aircraft | 21 | ||
| Control Agreements for Interest and Fee Payments | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Restricted cash | $ 46,500 | ||
| Collateral Pledged | Credit Card Processing Agreement | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Restricted cash | 50,000 | ||
| Collateral Pledged | Corporate credit cards | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Restricted cash | 6,000 | ||
| Secured Debt | Standby Letters of Credit | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Letters of credit, limit, amount | 48,700 | ||
| Letter of credit facility, amount outstanding | 44,400 | ||
| Restricted cash | $ 49,600 |
Fair Value Measurements - Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 12, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Carrying Value | $ 2,511,100 | $ 2,210,500 | ||
| Carrying Value | 0 | $ 1,600,000 | 1,635,104 | |
| Term Loan | DIP Facility | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 0 | 309,000 | ||
| Fixed-rate term loans | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 880,200 | 972,200 | ||
| Unsecured term loans | Payroll Support Program, CARES Act | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 136,300 | 136,300 | ||
| Enhanced Equipment Trust Certificate | 2015-1 EETC Class A | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 223,600 | 234,600 | ||
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class AA | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 154,300 | 160,300 | ||
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class A | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 51,400 | 53,400 | ||
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class B | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 0 | 44,700 | ||
| Enhanced Equipment Trust Certificate | 2025-1 EETC Class B | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 0 | |||
| Revolving credit facility | Revolving credit facility due in 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 0 | 300,000 | ||
| Exit secured notes | 2030 Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | 850,300 | 0 | ||
| Long Term Debt Excluding Liabilities Subject To Compromise | ||||
| Debt Instrument [Line Items] | ||||
| Carrying Value | $ 2,511,100 | 2,210,500 | ||
| Secured Debt | 8.00% Senior Secured Notes | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate percentage | 8.00% | 8.00% | 8.00% | |
| Carrying Value | $ 0 | 1,110,000 | ||
| Convertible Notes | 4.75% convertible notes due 2025 | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate percentage | 4.75% | |||
| Carrying Value | $ 0 | 25,100 | ||
| Convertible Notes | 1.00% convertible notes due 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate percentage | 1.00% | |||
| Carrying Value | $ 0 | 500,000 | ||
| Estimated Fair Value | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 1,293,100 | ||
| Estimated Fair Value | Term Loan | Level 3 | DIP Facility | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 309,000 | ||
| Estimated Fair Value | Fixed-rate term loans | Level 3 | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 848,100 | 970,700 | ||
| Estimated Fair Value | Unsecured term loans | Level 3 | Payroll Support Program, CARES Act | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 135,200 | 130,400 | ||
| Estimated Fair Value | Enhanced Equipment Trust Certificate | Level 2 | 2015-1 EETC Class A | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 203,700 | 215,800 | ||
| Estimated Fair Value | Enhanced Equipment Trust Certificate | Level 2 | 2017-1 EETC Class AA | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 131,800 | 140,400 | ||
| Estimated Fair Value | Enhanced Equipment Trust Certificate | Level 2 | 2017-1 EETC Class A | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 42,700 | 45,800 | ||
| Estimated Fair Value | Enhanced Equipment Trust Certificate | Level 2 | 2017-1 EETC Class B | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 40,500 | ||
| Estimated Fair Value | Enhanced Equipment Trust Certificate | Level 2 | 2025-1 EETC Class B | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 196,800 | 0 | ||
| Estimated Fair Value | Revolving credit facility | Level 3 | Revolving credit facility due in 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 300,000 | ||
| Estimated Fair Value | Exit secured notes | Level 2 | 2030 Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 614,500 | 0 | ||
| Estimated Fair Value | Long Term Debt Excluding Liabilities Subject To Compromise | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 2,172,800 | 2,152,600 | ||
| Estimated Fair Value | Secured Debt | Level 3 | 8.00% Senior Secured Notes | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 1,117,900 | ||
| Estimated Fair Value | Convertible Notes | Level 2 | 4.75% convertible notes due 2025 | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | 0 | 8,800 | ||
| Estimated Fair Value | Convertible Notes | Level 2 | 1.00% convertible notes due 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Estimated Fair Value | $ 0 | $ 166,400 |
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Cash and cash equivalents | $ 407.5 | $ 902.1 |
| Restricted cash | 152.1 | 168.4 |
| Short-term investment securities | 0.0 | 118.3 |
| Assets held for sale | 449.1 | 463.0 |
| Total assets | 1,008.7 | 1,651.8 |
| Total liabilities | 0.0 | 0.0 |
| Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Cash and cash equivalents | 407.5 | 902.1 |
| Restricted cash | 152.1 | 168.4 |
| Short-term investment securities | 0.0 | 118.3 |
| Assets held for sale | 0.0 | 0.0 |
| Total assets | 559.6 | 1,188.8 |
| Total liabilities | 0.0 | 0.0 |
| Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Cash and cash equivalents | 0.0 | 0.0 |
| Restricted cash | 0.0 | 0.0 |
| Short-term investment securities | 0.0 | 0.0 |
| Assets held for sale | 0.0 | 0.0 |
| Total assets | 0.0 | 0.0 |
| Total liabilities | 0.0 | 0.0 |
| Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Cash and cash equivalents | 0.0 | 0.0 |
| Restricted cash | 0.0 | 0.0 |
| Short-term investment securities | 0.0 | 0.0 |
| Assets held for sale | 449.1 | 463.0 |
| Total assets | 449.1 | 463.0 |
| Total liabilities | $ 0.0 | $ 0.0 |
Debt and Other Obligations - Narrative (Details) |
1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 13, 2025
USD ($)
aircraftEngine
|
Mar. 12, 2025
USD ($)
|
Mar. 31, 2025
USD ($)
|
Mar. 12, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2026
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 23, 2024
USD ($)
|
Mar. 30, 2020
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||||||
| Repayments of debt | $ 634,506,000 | $ 42,129,000 | $ 119,632,000 | ||||||||
| Liabilities subject to compromise | $ 1,600,000,000 | 1,600,000,000 | $ 0 | 0 | $ 1,635,104,000 | ||||||
| Repayments of long-term debt | $ 25,500,000 | 35,900,000 | $ 42,100,000 | ||||||||
| Airbus | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Future aircraft to be received | aircraftEngine | 27 | ||||||||||
| Enhanced Equipment Trust Certificate | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument, interest rate (as a percent) | 11.00% | ||||||||||
| Revolving credit facility due in 2026 | Revolving credit facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Repayments of lines of credit | $ 300,000,000 | ||||||||||
| 2030 Senior Notes | Debt Instrument, Redemption, Period One | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Minimum number of days after effective date, option to redeem | 90 days | ||||||||||
| Debt instrument, redemption price (as a percent) | 100.00% | ||||||||||
| 2030 Senior Notes | Debt Instrument, Redemption, Period Two | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument, redemption price (as a percent) | 6.00% | ||||||||||
| 2030 Senior Notes | Debt Instrument, Redemption, Period Three | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument, redemption price (as a percent) | 8.00% | ||||||||||
| 2030 Senior Notes | Debt Instrument, Redemption, Period Four | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument, redemption price (as a percent) | 4.00% | ||||||||||
| 2030 Senior Notes | Secured Debt | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Principal amount | $ 840,000,000.0 | ||||||||||
| Stated interest rate percentage, cash | 8.00% | ||||||||||
| Stated interest rate percentage, paid-in-kind | 4.00% | ||||||||||
| Interest rate calculation basis, number of days in year | 360 days | ||||||||||
| Interest rate calculation basis, number of days in each month | 30 days | ||||||||||
| 2030 Senior Notes | Secured Debt | Maximum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Stated interest rate percentage | 12.00% | ||||||||||
| 2030 Senior Notes | Secured Debt | Minimum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Stated interest rate percentage | 11.00% | ||||||||||
| Class B(R) 2025-1 EETC | Enhanced Equipment Trust Certificate | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Principal amount | $ 215,000,000 | ||||||||||
| 2017-1 EETC Class B | Enhanced Equipment Trust Certificate | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Repayments of debt | $ 43,000,000 | ||||||||||
| 8.00% Senior Secured Notes | Secured Debt | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Stated interest rate percentage | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ||||||
| Liabilities subject to compromise | $ 0 | $ 0 | $ 1,110,000,000 | ||||||||
| DIP Facility | Term Loan | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Repayments of long-term debt | 309,000,000 | ||||||||||
| Revolving credit facility due in 2028 | Revolving credit facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Repayments of long-term debt | 300,000,000 | ||||||||||
| Revolving credit facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as a percent) | 3.25% | ||||||||||
| Revolving credit facility | Line of Credit | Base Rate | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as a percent) | 2.25% | ||||||||||
| Revolving credit facility | Exit Revolving Credit Facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Line of credit facility, maximum borrowing capacity | 300,000,000 | 300,000,000 | |||||||||
| Revolving credit facility | Exit Revolving Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Line of credit facility, remaining borrowing capacity | 275,000,000 | 275,000,000 | |||||||||
| Revolving credit facility | Revolving credit facility due in 2026 | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument covenant, unrestricted cash and cash equivalents, short-term securities and unused commitments available on all revolving credit facilities | $ 500,000,000 | ||||||||||
| Debt instrument covenant, maximum amount of unused commitments | $ 300,000,000 | ||||||||||
| Debt covenant, collateral coverage ratio | 1.0 | ||||||||||
| Revolving credit facility | Exit RCF Commitments | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Line of credit facility, maximum borrowing capacity | 275,000,000 | 275,000,000 | |||||||||
| Revolving credit facility | Exit RCF Commitments | Forecast | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Line of credit facility, maximum borrowing capacity | $ 250,000,000 | ||||||||||
| Revolving credit facility | Uncommitted Incremental Revolving Credit Facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Line of credit facility, maximum borrowing capacity | $ 25,000,000 | $ 25,000,000 | |||||||||
| Revolving credit facility | DIP Credit Agreement and Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Principal amount | $ 300,000,000 | ||||||||||
| Debt issuance fee | $ 9,000,000 | ||||||||||
| Revolving credit facility | Revolving credit facility due in 2030 | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt instrument covenant, unrestricted cash and cash equivalents, short-term securities and unused commitments available on all revolving credit facilities | $ 450,000,000 | ||||||||||
| Debt instrument covenant, maximum amount of unused commitments | $ 300,000,000 |
Debt and Other Obligations - Schedule of Long-term Debt (Details) $ in Millions |
Jun. 30, 2025
USD ($)
aircraft
|
Dec. 31, 2024
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 2,511.1 | $ 2,210.5 |
| Less current maturities, net | 121.0 | 436.3 |
| Less unamortized discounts, net | 148.0 | 13.2 |
| Total | $ 2,242.1 | 1,761.0 |
| Aircraft | ||
| Debt Instrument [Line Items] | ||
| Failed aircraft sale leaseback | aircraft | 18 | |
| Term Loan | DIP Facility | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 0.0 | $ 309.0 |
| Weighted-average interest rate | 11.82% | |
| Fixed-rate loans due through 2039 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 880.2 | $ 972.2 |
| Weighted-average interest rate | 5.24% | 6.44% |
| Unsecured term loans due in 2031 | Payroll Support Program, CARES Act | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 136.3 | $ 136.3 |
| Weighted-average interest rate | 2.50% | 1.00% |
| Enhanced Equipment Trust Certificate | 2015-1 EETC Class A | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 223.6 | $ 234.6 |
| Weighted-average interest rate | 4.04% | 4.10% |
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class AA | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 154.3 | $ 160.3 |
| Weighted-average interest rate | 3.36% | 3.38% |
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class A | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 51.4 | $ 53.4 |
| Weighted-average interest rate | 3.63% | 3.65% |
| Enhanced Equipment Trust Certificate | 2017-1 EETC Class B | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 0.0 | $ 44.7 |
| Weighted-average interest rate | 3.80% | |
| Enhanced Equipment Trust Certificate | 2025 EETC Class B(R) | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 215.0 | $ 0.0 |
| Weighted-average interest rate | 11.00% | |
| Exit secured notes | 2030 Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 850.3 | 0.0 |
| Weighted-average interest rate | 12.00% | |
| Revolving credit facility | Revolving credit facility due in 2028 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 0.0 | $ 300.0 |
| Weighted-average interest rate | 6.67% |
Debt and Other Obligations - Schedule of Future Maturities (Details) $ in Millions |
Jun. 30, 2025
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| Remainder of 2025 | $ 69.4 |
| 2026 | 180.9 |
| 2027 | 207.6 |
| 2028 | 390.6 |
| 2029 | 103.1 |
| 2030 and beyond | 1,737.3 |
| Total debt principal payments | $ 2,688.9 |
Debt and Other Obligations - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 18, 2025 |
|
| Debt Instrument [Line Items] | ||||||
| Commitment and other fees | $ 20 | $ 492 | $ 421 | $ 605 | $ 835 | |
| Amortization of deferred financing costs and fair value adjustments | 1,004 | 12,633 | 3,487 | 13,026 | 7,069 | |
| Total | 47,682 | 62,103 | 54,307 | 71,880 | 109,116 | |
| Accretion expense | 0 | 0 | 2,105 | |||
| Amortization of debt discount | 0 | 109 | 5,767 | |||
| Exit secured notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 0 | $ 25,480 | $ 0 | 30,800 | 0 | |
| DIP Term Loan | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | $ 6,869 | $ 0 | $ 0 | |||
| Secured Debt | 8.00% Senior Secured Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Stated interest rate percentage | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | |
| Interest expense | $ 17,753 | $ 0 | $ 23,252 | $ 0 | $ 46,505 | |
| Accretion expense | 1,100 | 2,100 | ||||
| Interest expense | 22,200 | 44,400 | ||||
| Amortization of debt discount | 100 | 100 | ||||
| Secured Debt | Exit secured notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Stated interest rate percentage | 92.50% | |||||
| Fixed-rate term loans | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 13,175 | 11,847 | 17,503 | 14,764 | 35,355 | |
| Unsecured term loans | Unsecured term loans | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 265 | 1,528 | 346 | 1,599 | 685 | |
| Enhanced Equipment Trust Certificate | Class A 2015-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 1,879 | 2,281 | 2,505 | 2,784 | 5,117 | |
| Enhanced Equipment Trust Certificate | Class B 2015-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 0 | 0 | 5 | 0 | 446 | |
| Enhanced Equipment Trust Certificate | Class AA 2017-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 1,036 | 1,309 | 1,403 | 1,582 | 2,823 | |
| Enhanced Equipment Trust Certificate | Class A 2017-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 373 | 472 | 504 | 571 | 1,014 | |
| Enhanced Equipment Trust Certificate | Class B 2017-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 325 | 142 | 440 | 228 | 885 | |
| Enhanced Equipment Trust Certificate | Class B(R) 2025-1 EETC | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 0 | 5,913 | 0 | 5,913 | 0 | |
| Convertible notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Convertible notes | 1,246 | 0 | 4,432 | 0 | 8,363 | |
| Convertible notes | Convertible notes due 2026 | ||||||
| Debt Instrument [Line Items] | ||||||
| Amortization of debt discount | 4,400 | 8,900 | ||||
| Offset of favorable market-to-market adjustments | 500 | |||||
| Revolving credit facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | 3,732 | 0 | 0 | |||
| Finance leases | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense | $ 5 | $ 6 | $ 9 | $ 8 | $ 17 | |
Operating Segments and Related Disclosures (Details) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|---|
|
Mar. 12, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2025
segment
|
Jun. 30, 2024
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||||||
| Number of operating Segments | segment | 1 | |||||
| Number of reportable segments | segment | 1 | |||||
| Total operating revenues | $ 755,354 | $ 1,019,833 | $ 1,280,889 | $ 1,276,878 | $ 2,546,426 | |
| Reporting Segment | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total operating revenues | 755,354 | 1,019,833 | 1,280,889 | 1,276,878 | 2,546,426 | |
| DOT—Domestic | Reporting Segment | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total operating revenues | 663,201 | 913,770 | 1,141,272 | 1,149,190 | 2,235,762 | |
| DOT—Latin America | Reporting Segment | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total operating revenues | $ 92,153 | $ 106,063 | $ 139,617 | $ 127,688 | $ 310,664 | |
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Income Tax Disclosure [Abstract] | |||||
| (Loss) Income from Continuing Operations Before Income Tax | $ 90,086 | $ (249,828) | $ (189,626) | $ (260,867) | $ (346,693) |
| Provision (benefit) for income taxes | $ 17,870 | $ (3,997) | $ 3,301 | $ (4,100) | $ (11,131) |
| Effective Rate (as a percent) | 19.84% | 1.60% | 1.57% | ||
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|
Mar. 12, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Effective Income Tax Rate Reconciliation [Line Items] | |||||
| (Benefit) expense for income taxes | $ 17,870 | $ (3,997) | $ 3,301 | $ (4,100) | $ (11,131) |
| Cancellation of debt income | 478,100 | 478,100 | |||
| Maximum | Domestic Tax Jurisdiction | |||||
| Effective Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | $ 1,800,000 | $ 1,800,000 | |||