Spirit Airlines defers Airbus deliveries, furloughing 260 pilots [FOX Business Network]
Spirit Airlines, Inc. (SAVE)
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Source: FOX Business Network
Spirit Airlines said Monday that it is delaying Airbus plane deliveries and furloughing hundreds of pilots starting this fall to boost profitability and strengthen its balance sheet. The low-cost carrier said it reached an agreement with Airbus to "defer all aircraft on order that are scheduled to be delivered in the second quarter of 2025 through the end of 2026 to 2030-2031." Spirit said it projects the agreement will boost its liquidity position by $340 million over the next two years. "Deferring these aircraft gives us the opportunity to reset the business and focus on the core airline while we adjust to changes in the competitive environment," CEO Ted Christie said. "In addition, enhancing our liquidity provides us additional financial stability as we position the company for a return to profitability Due to the deferrals, along with the grounded aircraft due to Pratt & Whitney GTF engine availability issues, the company said it plans to furlough approximately 260 pilots
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