The airline specified the agreement will defer the order scheduled to be delivered in the second quarter of 2025 through the end of 2026 to between 2030 and 2031. It said the agreement will improve its liquidity by about $340 million over the next two years.

Spirit noted the deferrals don’t include the direct-lease aircraft scheduled for delivery in that period, one each in the second and third quarter of 2025. It also said there are no changes to the aircraft on order with Airbus scheduled to be delivered in 2027 through 2029.

Spirit disclosed it intends to furlough about 260 pilots effective Sept. 1 as a result of grounded aircraft due to Pratt & Whitney GTF engine availability issues along with the 2025 and 2026 aircraft deferrals. As a result, it entered into a compensation agreement with Pratt & Whitney regarding the engines, which it estimates to improve its liquidity between $150 million and $200 million over the term of that agreement.

Excerpt from WSJ
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