Spirit Airlines is aiming to exit Chapter 11 by late spring or early summer after reaching a preliminary agreement with lenders to restructure into a leaner, lower-cost carrier offering low fares and options like premium economy and extended-legroom seating.

The plan intends to cut debt and lease obligations from about $7.4 billion to roughly $2.1 billion by the end of the process, signaling a leaner and more profitable operating model.

As part of the strategy, Spirit will shrink its network and capacity to match a smaller, lower-cost fleet, with the goal of returning to service in the spring or summer.

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Background context notes challenges from engine recalls, a failed JetBlue acquisition attempt, and competitive pressure from other U.S. carriers’ low-fare offerings, complicating Spirit’s path to profitability.

Spirit has previously pursued mergers with Frontier Airlines and JetBlue, but those deals fell through, with JetBlue’s acquisition blocked on antitrust grounds.

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Spirit faced losses after exiting its first Chapter 11 and filing again, underscoring the difficult market as it competes with larger carriers and contends with post-Covid cost pressures.