Spirit Airlines is furloughing pilots and delaying delivery of new jets in a bid to juice its liquidity by $340 million [Fortune]
Spirit Airlines, Inc. (SAVE)
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Source: Fortune
The Miramar, Florida-based company reached an agreement with Airbus to delay delivery of previously ordered planes meant to be dispatched in 2025 and 2026 by about five years, it said in a press release Monday. The move will increase the company's liquidity by $340 million over the next two years, Spirit said. “This amendment to our agreement with Airbus is an important part of Spirit's comprehensive plan to bolster profitability and strengthen our balance sheet,” Ted Christie, Spirit's President and CEO said in a statement. The company also said it would furlough 260 pilots starting in September because of the deferrals and due to groundings caused by issues with engine availability for some of its aircraft. Spirit will get another $150 million to $200 million in compensation from the maker of the engines, Pratt & Whitney, which will also increase its liquidity. Spirit will evaluate options to refinance its debt, it added. Spirit Airlines reported a net loss of $447.5 million
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