Spirit Airlines' December 2024 Monthly Operating Report (MOR), filed as part of its Chapter 11 bankruptcy proceedings, provides a financial snapshot of the company's operations during the bankruptcy process.

Key financial highlights include total operating revenue of $460.9 million, primarily from passenger services at $452.8 million. Total operating expenses reached $430.8 million, with major costs including aircraft fuel at $98.1 million, salaries and wages at $143.3 million, aircraft rent at $51 million, and maintenance at $18.7 million. The company reported a net loss of $93.5 million for the month.

The ending cash and restricted cash balance stood at $1.19 billion, including funds from a $300 million debtor-in-possession (DIP) financing. The company had $9.67 billion in total liabilities, including long-term debt, lease obligations, and liabilities subject to compromise under bankruptcy proceedings.

Operational insights show that the company sold two aircraft for a combined $42.8 million, with part of the proceeds used to settle outstanding debt. Spirit made $5.8 million in professional fee payments, primarily related to bankruptcy proceedings. The report also notes $87.6 million in reorganization expenses. Post-petition tax compliance continues, with $105.6 million in accrued taxes.

In terms of bankruptcy progress, the MOR reiterates that equity holders are not expected to recover any value. The reorganization plan was confirmed on February 20, 2025, and Spirit continues operating under court supervision. More details and documents can be accessed at dm.epiq11.com/SpiritGoForward.

This report provides a critical update on Spirit Airlines’ financial and operational state as it moves forward with its restructuring efforts.