Here are the 10-K annual reports from Spirit Aviation Holdings, Inc. (FLYY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FLYY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FLYY filings page.
Spirit Aviation Holdings, Inc. files Amendment No. 1 to its annual report for the year ended December 31, 2025 to add the Part III sections on directors, executive compensation, governance and ownership because a proxy statement will not be filed within 120 days.
The filing explains Spirit’s 2024 and 2025 Chapter 11 proceedings and its reorganization, under which Spirit Aviation became the new parent and Spirit Airlines LLC a wholly owned subsidiary. The company notes it was delisted from NYSE American in September 2025 and reports a non‑affiliate equity market value of about $129 million and 28,365,259 common shares outstanding as of April 28, 2026.
Detailed biographies and committee roles are provided for the board and senior management, along with descriptions of the Audit and Risk Management, Compensation, Nominating and Corporate Governance, and Strategy and Finance Committees. The amendment outlines a pay‑for‑performance philosophy, a 2025 short‑term incentive plan tied to cost and on‑time metrics, significant 2025 equity and cash awards, one‑time retention bonuses for named executive officers, a new 2025 Incentive Award Plan covering up to 4,032,258 shares, robust clawback policies, and updated executive severance protections.
Spirit Aviation Holdings’ 10-K shows a deeply distressed airline restructuring through Chapter 11. The company emerged from a 2024 bankruptcy with fresh start accounting in March 2025, then filed again under Chapter 11 in August 2025 and is currently operating as a debtor-in-possession.
Its NYSE American listing was revoked in 2025, and the stock now trades on the OTC Pink Limited Market under “FLYYQ.” The filing states that any trading in the common stock is highly speculative and that no recovery is expected for existing shareholders in the Chapter 11 cases, meaning current equity is expected to be wiped out.
Spirit has radically restructured its business: exiting over 200 underperforming routes, shrinking and reshaping its Airbus fleet, cutting headcount from 11,331 to 7,482 active employees, and negotiating concessionary agreements with pilot and flight attendant unions. A Transformation Plan pivots the model from ultra‑low cost to a value carrier with new premium offerings and enhanced loyalty benefits.
The company also secured a Restructuring Support Agreement with key lenders in March 2026, involving use of encumbered cash to prepay DIP loans, planned new exit financing, and issuance of new equity largely to DIP lenders and, to a much smaller extent, prepetition secured noteholders, leaving existing shareholders out of the capital structure.