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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.
Spirit Aviation Holdings, Inc. (FLYY) furnished an update under Regulation FD, noting that on November 7, 2025 it issued a press release announcing agreements in principle with its two principal labor unions.
The press release is included as Exhibit 99.1. The information in Item 7.01 and Exhibit 99.1 is being furnished, not filed, and is not subject to liabilities under Section 18 of the Exchange Act nor incorporated by reference except as expressly set forth.
Spirit Aviation Holdings (FLYY) disclosed that the Bankruptcy Court entered a final order approving its debtor-in-possession financing. The DIP Credit Agreement provides up to $475,000,000 in superpriority priming term loans to support operations during Chapter 11.
The facility includes additional new money availability on defined dates: up to $75,000,000 on November 7, 2025, $100,000,000 on December 13, 2025, and $100,000,000 on a subsequent date set in the order and agreement. New money loans accrue interest at the Base Rate plus 7% (with a 4% floor) or Term SOFR plus 8% (with a 3% floor). Roll-up loans tied to certain prepetition notes do not bear interest unless determined oversecured. The DIP facility matures on July 14, 2026.
The company also noted prior delisting from NYSE American, with shares trading on the OTC Pink under “FLYYQ.” It cautioned that common shareholders could face a significant or complete loss depending on the Chapter 11 outcome.
Esopus Creek Fund and related parties report beneficial ownership of 1,315,400 Spirit Aviation Holdings shares, or about 5.08% of the common stock. The fund states it used approximately $700,955 of its investment capital, including commissions, to accumulate the position.
The reporting group says it views the shares as undervalued and an attractive investment. It highlights Spirit Aviation’s recent repeat bankruptcy filings and expresses concern about current leadership and equity holders’ representation in the case. They support the appointment of an examiner and have asked for an Official Committee of Equity Holders.
The investors may buy or sell more shares, or use hedging strategies, depending on market conditions and price levels. They also indicate they could propose changes to capitalization, ownership structure, board composition, operations, or potential merger or sale transactions, while continuing to engage with management, the board, and other shareholders.