{"id":12734,"date":"2024-03-30T13:04:53","date_gmt":"2024-03-30T10:04:53","guid":{"rendered":"https:\/\/aviation-news.info\/?p=12734"},"modified":"2024-03-30T13:04:53","modified_gmt":"2024-03-30T10:04:53","slug":"spirit-airlines-gets-credit-from-international-aero-engines-that-will-boost-liquidity-between-150-million-and-200-million","status":"publish","type":"post","link":"https:\/\/aviation-news.info\/?p=12734","title":{"rendered":"Spirit Airlines gets credit from International Aero Engines that will boost liquidity between $150 million and $200 million"},"content":{"rendered":"<p>Aviation News International &#8211;\u00a0<span id=\"RegularArticle-QuoteInBody-1\" class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><a href=\"https:\/\/www.cnbc.com\/quotes\/SAVE\/\">Spirit Airlines<\/a><span id=\"-WatchlistDropdown\" class=\"AddToWatchlistButton-watchlistContainer\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><\/button><\/span><\/span>said on Friday it will get a monthly credit from International Aero Engines through the end of 2024 as compensation for Spirit being unable to use aircraft with engine issues.<\/p>\n<p>The carrier said in a filing with the U.S. Securities and Exchange Commission the agreement would boost liquidity by between $150 million and $200 million. The engine maker is an affiliate of RTX Corp\u2019s Pratt &amp; Whitney.<\/p>\n<div class=\"BoxInline-container  \">\n<div id=\"BoxInline-ArticleBody-5\" class=\"BoxInline-container\" data-module=\"mps-slot\"><\/div>\n<\/div>\n<p>The impact to Spirit\u2019s liquidity will be determined by the number of days in 2024 in which Spirit aircraft are unavailable due to engine issues, according to the filing.<\/p>\n<p>Under the agreement, Spirit agreed to release IAE and its affiliates from claims related to the impacted engines that have accrued or may accrue prior to Dec. 31, 2024.<\/p>\n<p>Spirit intends to discuss arrangements with Pratt &amp; Whitney for any Spirit aircraft that remain unavailable after the end of the year, the company said in the filing.<\/p>\n<p>Spirit removed engines from service and grounded some of its A320neo aircraft for inspection after Pratt &amp; Whitney notified it of a rare condition in the powdered metal used to manufacture certain engine parts in July last year that would require removal, replacement or further inspection.<\/p>\n<p>Rising operating costs and persistent supply chain problems have the ultra low-cost carrier grappling with liquidity issues and struggling to return to sustainable profitability. That has raised concerns about the company\u2019s ability to repay debt due to mature next year.<\/p>\n<p>Spirit\u2019s survival was jeopardized after regulators scrapped a $3.8 billion merger agreement with\u00a0<span id=\"RegularArticle-QuoteInBody-2\" class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><a href=\"https:\/\/www.cnbc.com\/quotes\/JBLU\/\">JetBlue Airways<\/a><span id=\"-WatchlistDropdown\" class=\"AddToWatchlistButton-watchlistContainer\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><\/button><\/span><\/span>\u00a0that would have created the fifth-largest carrier in the U.S. The deal could have ensured Spirit\u2019s survival as the carrier burns through cash and struggles with debt.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2024\/03\/29\/spirit-airlines-gets-credit-from-international-aero-engines-that-will-boost-liquidity.html\">https:\/\/www.cnbc.com\/2024\/03\/29\/spirit-airlines-gets-credit-from-international-aero-engines-that-will-boost-liquidity.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aviation News International &#8211;\u00a0Spirit Airlinessaid on Friday it will get a monthly credit from International Aero Engines through the end of 2024 as compensation for Spirit being unable to use aircraft with engine issues. The carrier said in a filing with the U.S. Securities and Exchange Commission the agreement would boost liquidity by between $150 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":12735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[98,102],"tags":[],"class_list":["post-12734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","category-featured-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Spirit Airlines gets credit from International Aero Engines that will boost liquidity between $150 million and $200 million - aviation news<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aviation-news.info\/?p=12734\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spirit Airlines gets credit from International Aero Engines that will boost liquidity between $150 million and $200 million\" \/>\n<meta property=\"og:description\" content=\"Aviation News International &#8211;\u00a0Spirit Airlinessaid on Friday it will get a monthly credit from International Aero Engines through the end of 2024 as compensation for Spirit being unable to use aircraft with engine issues. 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