The United States Bankruptcy Court for the Southern District of New York has granted definitive approval for Spirit Airlines to complete the previously announced sale of 23 Airbus A320 and A321 aircraft to GA Telesis.
On December 7, 2024, the same court approved the sale of the first five aircraft, with this latter ruling being for the remaining 18 aircraft.
This approval marks a significant milestone in Spirit's restructuring process and clears the path for finalizing the transaction, initially unveiled on October 24, 2024.
GA Telesis is in the process of processing the first deliveries from Spirit.
The agreement, part of Spirit's broader fleet optimization and liquidity strategy, involves the sale of 15 Airbus A320 and 8 Airbus A321 aircraft to GA Telesis.
The closing of this sale is expected to occur over a specified period, allowing Spirit to accelerate its restructuring efforts while continuing to streamline its operations.
"We are thrilled that the court delivered a conclusive decision on such an expedited timeline," stated Marc Cho, President of LIFT, the leasing and trading division of GA Telesis.
"This approval underscores the collaborative efforts of all parties involved, and we look forward to closing this transaction swiftly and supporting Spirit as it executes its restructuring plan."
The deal reaffirms GA Telesis' position as a leader in aviation asset management and underscores its continued commitment to providing strategic solutions for airlines seeking innovative solutions.
