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Spirit Aviation Holdings, Inc. furnished Chapter 11 monthly operating reports for December 2025 and January 2026, providing unaudited financial data from its bankruptcy proceedings in the Southern District of New York.
For December 2025, Spirit reported total operating revenues of $296,449,761, operating income of $8,504,219 and a net loss of $2,068,070,493, driven largely by reorganization items of $2,056,758,430. Total assets were $5,986,082,951 and total liabilities $8,080,717,804, resulting in negative equity of $2,094,634,853.
For January 2026, operating revenues were $250,341,440, with an operating loss of $42,055,390 and a net loss of $125,187,011. As of January 31, 2026, Spirit reported total assets of $5,892,065,588, total liabilities of $8,108,155,090 and negative equity of $2,216,089,502. Significant liabilities are classified as “liability subject to compromise,” reflecting claims being addressed in the Chapter 11 process.
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Its NYSE American listing was revoked in 2025, and the stock now trades on the OTC Pink Limited Market under “FLYYQ.”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.
Spirit Aviation Holdings, Inc. outlines a Chapter 11 restructuring anchored by a Restructuring Support Agreement with holders of 74.6% of New Money DIP loans, 71.8% of Roll-Up DIP loans and 60.0% of certain prepetition secured notes. The deal is expected to be implemented through a court-approved plan of reorganization and includes milestones that, if missed, allow key lenders to terminate their support.
Spirit also entered a detailed engine restructuring term sheet with International Aero Engines, providing up to $140,000,000 in maintenance credits and settling invoices with roughly $13 million of cash, while significantly reducing fleet obligations and cancelling 52 aircraft plus 36 transfers. Management’s “EmergeCo” plan shrinks the fleet to 76 aircraft by mid‑August 2026, targets 2026 adjusted EBITDAR of $456 million and 2027 adjusted EBITDAR of $598 million, and projects moving from a 2026 net loss of $111 million to 2027 net income of $55 million. The company explicitly warns that common shareholders may face a significant or complete loss of their investment depending on Chapter 11 outcomes.
Spirit Aviation Holdings, Inc. reports that, as part of its ongoing Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York, it has filed a monthly operating report for the month ended November 30, 2025. This report, attached as Exhibit 99.1, provides financial and operating data required in the bankruptcy cases and is being furnished under Regulation FD rather than filed for Exchange Act purposes.
The company emphasizes that the monthly operating report is unaudited, prepared in a bankruptcy-specific format, limited in scope, and subject to future adjustments, so it may differ from information in its regular SEC reports and may not reflect longer-term performance. Spirit also includes extensive forward-looking statement warnings, highlighting risks tied to the Chapter 11 process, including court approvals, liquidity during the cases, effects on stakeholders, and the ability to retain key personnel.
Spirit Aviation Holdings, Inc. reported that it has filed a monthly operating report for the month ended October 31, 2025 with the U.S. Bankruptcy Court overseeing its Chapter 11 cases. The company and its subsidiaries have been under Chapter 11 protection in the Southern District of New York since August 29, 2025, with the cases jointly administered under case number 25-11897 (SHL).
The report, furnished as an exhibit to this disclosure, is unaudited, prepared under bankruptcy reporting rules, and may be adjusted or reconciled later. Spirit emphasizes that the report is limited in scope, was not prepared to support investment decisions, and may not be indicative of its full financial condition or future results. The company also notes that, following a Form 25 filed on September 11, 2025, its common stock was delisted from NYSE American and began trading on the OTC Pink Limited Market under the symbol “FLYYQ” on September 3, 2025.
Spirit Aviation Holdings, Inc. investor Esopus Creek Value Series Fund LP – Series A, together with Esopus Creek Advisors LLC and Andrew L. Sole, has filed Amendment No. 3 to its Schedule 13D reporting ownership of 1,315,400 shares of common stock, or 5.1% of the class.
The group says it views the shares as undervalued and notes that Spirit Aviation has sought chapter 11 bankruptcy protection twice in quick succession. They have asked the U.S. Trustee to support the appointment of an examiner and back a broad review of the circumstances leading to the second filing, including the period around a purported default by a large aircraft lessor in August 2025.
The reporting persons indicate they may buy or sell more shares, use hedging transactions, and engage with management, the board, and other shareholders. They may also propose changes to capitalization, ownership structure, board composition, or operations depending on future developments.
Spirit Aviation Holdings (FLYY) reported final results of its DIP “roll‑up” opportunity for the PIK Toggle Senior Secured Notes due 2030. Holders tendered $818,362,453 in aggregate principal, equal to 96.05% of the $852,039,973 originally outstanding.
Early tenders totaled $771,104,677 and settled on October 29, 2025. An additional $47,257,776 will settle on the Final Closing Date of November 14, 2025. After settlement and cancellation, $33,677,520 of Prepetition Notes will remain outstanding. The company is operating as a debtor‑in‑possession in Chapter 11. Its common stock began trading on the OTC Pink Limited Market on September 3, 2025 under “FLYYQ.”
AllianceBernstein L.P. filed a Schedule 13G reporting beneficial ownership of 2,382,333 shares of Spirit Aviation Holdings Inc. (FLYY), representing 9.0% of the common stock. As of the event date 09/30/2025, AllianceBernstein reported 1,476,964 shares with sole voting power and 2,382,333 shares with sole dispositive power, with no shared voting or dispositive power.
The filer is classified as an investment adviser and states the shares were acquired and are held in the ordinary course of business, not to change or influence control.
Rokos Capital Management (US) LP and Christopher Rokos filed a Schedule 13G/A (Amendment No. 1) reporting beneficial ownership of 272,169 shares of Spirit Aviation Holdings, Inc. (FLYY) Common Stock, representing 1.0% of the class as of 09/30/2025.
They report shared voting and dispositive power over 272,169 shares and no sole power. The shares are directly held by Rokos Global Macro Master Fund LP, which has the right to receive dividends and proceeds from any sale of the securities.
Spirit Aviation Holdings (FLYYQ) filed its Q3 2025 10‑Q, reporting results amid Chapter 11 proceedings. For the quarter ended September 30, operating revenue was $958.5 million and the net loss was $317.5 million. Operating expenses totaled $1.09 billion, with fuel at $253.3 million and salaries at $367.4 million.
The company filed voluntary Chapter 11 petitions on August 29, 2025 and disclosed substantial doubt about its ability to continue as a going concern. Liabilities subject to compromise were $6.69 billion as of September 30. Cash and cash equivalents were $250.5 million with restricted cash of $396.1 million. Spirit drew the full $275.0 million Exit RCF on August 21.
Subsequently, the court approved up to $1.2 billion of DIP financing, including $475.0 million in new money; draws of $200.0 million on October 14 and $50.0 million on November 7 were made. A restructuring with AerCap included a $150.0 million liquidity payment and lease rebalancing. The stock was delisted from NYSE American and now trades OTC as FLYYQ. Shares outstanding were 27,044,569 as of November 5, 2025.