Spirit Airlines defers aircraft deliveries and furloughs pilots to cut costs
TL;DR Summary
Spirit Airlines is deferring Airbus plane deliveries and furloughing 260 pilots starting in September to improve profitability and strengthen its balance sheet. The agreement with Airbus to defer deliveries is expected to boost the company's liquidity by $340 million over the next two years. Additionally, the carrier plans to furlough pilots due to grounded aircraft and has entered into a compensation agreement with Pratt & Whitney regarding its GTF engines to further enhance liquidity. Despite a failed merger with JetBlue, CEO Ted Christie remains confident in the company's future as a "successful independent airline."
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