Relevance: primary · Type: event
Confidence90%
Spirit Airlines ceased flight operations last weekend.
Relevance: primary · Type: event
Confidence90%
Spirit Airlines left more than 90 planes at dozens of airports around the country.
Relevance: primary · Type: action
Confidence90%
Many of Spirit Airlines' planes will be returned to the companies that own them.
Relevance: primary · Type: action
Confidence90%
Spirit Airlines plans to monetize its remaining planes.
Relevance: supporting · Type: event
Confidence90%
A few Spirit Airlines planes flew this week to reposition planes, including Nomadic Flight 189 from Fort Lauderdale to Phoenix Goodyear Airport.
Relevance: supporting · Type: event
Confidence90%
Nomadic Flight 189 flew with only a skeleton crew and no passengers to Arizona for storage.
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines has engines, spare parts, real estate, and other assets available for liquidation.
Relevance: supporting · Type: action
Confidence90%
Spirit Airlines' lawyers filed in court seeking permission for an orderly wind-down of operations.
Relevance: supporting · Type: background
Confidence90%
More than 60 planes in Spirit Airlines' active fleet were leased.
Relevance: supporting · Type: background
Confidence90%
The leased planes constitute nearly two-thirds of Spirit Airlines' active fleet.
Relevance: supporting · Type: action
Confidence90%
The lessors of Spirit Airlines' leased planes want those planes returned.
Relevance: supporting · Type: background
Confidence90%
Steve Giordano is the managing partner of Nomadic Aviation Group.
Relevance: supporting · Type: background
Confidence90%
Nomadic Aviation Group works with six of the companies that own Spirit Airlines' jets.
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "Everybody tries to move them as quickly as possible."
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "Some are already probably in the pipeline to be leased again."
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "Some are going to have the engines removed, moved on to different airframes and those aircraft are going to get leased."
Relevance: supporting · Type: action
Confidence90%
Spirit Airlines is seeking to monetize planes, engines, gates, and landing slots.
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines has 28 Airbus A320 family planes available for sale.
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines owns an office building in South Florida, maintenance facilities, and other assets that might be acquired by another airline.
Henry Harteveldt, airline analyst at the Atmosphere Research Group
Relevance: supporting · Type: quote
Confidence90%
Henry Harteveldt said, "Spirit has gates at some very important, very popular airports."
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines has gates at international airports in Houston, Dallas, Las Vegas, and Los Angeles.
Henry Harteveldt, airline analyst at the Atmosphere Research Group
Relevance: supporting · Type: quote
Confidence90%
Henry Harteveldt said, "I wouldn't be surprised if we saw some other airlines try to get at least some of Spirit's gates at some of these other airports."
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines holds takeoff and landing slots at LaGuardia Airport and Newark Liberty International Airport.
Ahmed Abdelghany, professor of operations management at Embry-Riddle Aeronautical University
Relevance: supporting · Type: quote
Confidence90%
Ahmed Abdelghany said, "You can easily sell slots at those constrained airports, and many airlines will be in line to buy them."
Relevance: supporting · Type: background
Confidence90%
Spirit Airlines' planes are parked at airport gates or other locations where they were when the airline ceased operations.
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "It's an environment of mass confusion."
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "No one wants to touch them."
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "There's no real method for getting them."
Relevance: supporting · Type: action
Confidence90%
Nomadic Aviation Group is sending qualified pilots, including former Spirit Airlines pilots, to fly the planes.
Relevance: supporting · Type: background
Confidence90%
The pilots often wear jeans and t-shirts rather than airline uniforms.
Relevance: supporting · Type: background
Confidence90%
These pilots sometimes encounter resistance when attempting to repossess planes.
Steve Giordano, managing partner of Nomadic Aviation Group
Relevance: supporting · Type: quote
Confidence90%
Steve Giordano said, "You go up to a person of authority and say, 'I need to get on that airplane, I'm repossessing it.' And the first thing they're going to say is, 'no, no, no, no, no.' They're going to call out the sheriffs, the airport police, the airport managers."
Relevance: supporting · Type: background
Confidence90%
Jet fuel price has increased by about 70% since the Iran war began in February.
Relevance: supporting · Type: background
Confidence90%
Rising fuel prices contributed to Spirit Airlines' liquidation.
Relevance: supporting · Type: background
Confidence90%
Other airlines are experiencing high fuel costs and burning through cash.
Henry Harteveldt, airline analyst at the Atmosphere Research Group
Relevance: supporting · Type: quote
Confidence90%
Henry Harteveldt said, "One of the challenges for Spirit and its creditors is that the high cost of jet fuel makes many of Spirit's planes less appealing to acquire."
Henry Harteveldt, airline analyst at the Atmosphere Research Group
Relevance: supporting · Type: quote
Confidence90%
Henry Harteveldt said, "I think the airline will find buyers. It just may be a slower selling cycle than had this happened a few years ago or even just like, say, three months ago."
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