AerCap, Spirit Airlines Restructuring Settlement Agreement Approved by US Bankruptcy Court, Spirit Says

MT Newswires Live10-13

AerCap's (AER) restructuring settlement agreement with Spirit Airlines has been approved by the US Bankruptcy Court for the Southern District of New York, Spirit Airlines said late Friday.

The settlement includes a $150 million payment from AerCap, the rejection of 27 aircraft leases, and the resolution of all remaining claims and disputes between the companies. The company said the deal will lower its operating costs by "hundreds of millions of dollars" and includes the future delivery of 30 new aircraft.

In addition, the court approved a $475 million debtor-in-possession financing from its existing bondholders. The facility provides $200 million of immediate liquidity and will support operations during its restructuring under Chapter 11 bankruptcy, the carrier added.

AerCap did not immediately respond to requests for comment from MT Newswires.

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