Emergence from Chapter 11 expected in late spring or early summer

DANIA BEACH, Fla., Feb. 24, 2026 /PRNewswire/ -- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC ("Spirit" or the "Company"), today announced that Spirit has completed another significant milestone in its restructuring by reaching an agreement in principle on the key terms of a restructuring support agreement with its existing DIP lenders and secured noteholders. The agreement in principle will provide Spirit with the financial support needed to finalize its restructuring and complete the remaining changes necessary to optimize the Company's fleet, network and cost structure. Spirit intends to emerge from Chapter 11 in late spring or early summer as a strong low-cost, value-driven carrier offering Guests basic and premium products at the lowest fares in the sky.

"This agreement in principle is the result of months of hard work and allows Spirit to move toward completing its transformation," said Dave Davis, President and Chief Executive Officer. "Spirit will emerge as a strong, leaner competitor that is positioned to profitably deliver the value American consumers expect at a price they want to pay."

Key aspects of the new Spirit:

• Optimized Network: Spirit will align its network and capacity to routes and periods of strongest consumer demand. This includes higher aircraft utilization during peak days while reducing off-peak flying, as well as the flexibility to adjust to seasonal demand across markets.
• More Premium Choices: Spirit will expand its Spirit First and Premium Economy offerings, maintaining its position as the industry price leader, while focusing on value. The Company will also make additional enhancements to its Free Spirit® and co-brand programs to encourage Guest loyalty.
• Stronger Financials: Upon emergence, the Company will have further reduced its cost structure, expanding its cost advantage compared to legacy and other airlines. It is expected that Spirit's debt and lease obligations will be reduced from $7.4 billion pre-filing to approximately $2.1 billion post-emergence.

"I am grateful to our Team Members for their dedication and unwavering commitment to our Guests throughout our restructuring," Davis added. "I also want to thank our Guests for continuing to choose Spirit to connect them to the people and places that matter most."

During the restructuring process, Guests can continue to book, travel and use tickets, credits and loyalty points as normal.

Additional Information
The Company maintains a dedicated website about its restructuring process at www.spiritrestructuring.com. Additional information about the Company's Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at https://dm.epiq11.com/SpiritAirlines or by calling Spirit's restructuring information line at (855) 952-6606 (U.S. toll free) or +1 (971) 715-2831 (international).

About Spirit Airlines
Spirit Airlines is committed to safely delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its all-Airbus fleet, connecting travelers with the people and places that matter most. Discover elevated travel options with exceptional value at spirit.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/spirit-airlines-reaches-agreement-in-principle-on-key-terms-of-restructuring-support-agreement-with-its-secured-creditors-302695997.html

SOURCE Spirit Airlines