Spirit Airls Inc SEC Filings

Spirit Aviation Holdings filed an 8-K reporting detailed debt amounts and new retention agreements for named executives. The filing lists roughly $856.0 million of PIK Toggle Senior Secured Notes due 2030, about $275.0 million outstanding under the amended revolving credit facility, approximately $636.0 million of enhanced equipment trust certificate borrowings, and about $849.0 million owed under individual aircraft loans. The filing also discloses two Form of Retention Agreements dated August 29, 2025, for a named executive and David Davis, plus a press release and an Inline XBRL cover page. The itemized amounts summarize the company’s major debt exposures and note executive retention arrangements.

Spirit Aviation Holdings, Inc. filed an amended report to correct the maturity date of its revolving credit facility, clarifying that borrowings under the $275.0 million facility now mature on March 12, 2028. The company’s subsidiary Spirit Airlines, LLC also entered into two amendments with U.S. Bank to modify its long-standing credit card processing agreement.

Spirit agreed to transfer an additional $50 million in cash to a pledged account and allow U.S. Bank to hold back up to $3 million per day until the bank’s exposure is fully collateralized and remains so as exposure changes. In return, U.S. Bank extended the processing agreement term from December 31, 2025 to December 31, 2027 with automatic one-year renewals and removed an existing minimum liquidity trigger for holdbacks.

On August 21, 2025, Spirit borrowed the entire $275.0 million available under the revolving credit facility to enhance liquidity in light of the increased collateral posting requirements and for general corporate purposes.

Spirit Aviation Holdings, Inc. updated investors on two major financing actions involving its credit card processor and revolving credit facility. Spirit Airlines agreed to transfer an additional $50 million in cash to a pledged account for U.S. Bank National Association and to permit holdbacks of up to $3 million per day until the bank’s exposure is fully collateralized and kept fully collateralized as it changes. In return, the card processing agreement is extended from December 31, 2025 to December 31, 2027, with two automatic one-year renewals, and the existing minimum liquidity trigger for holdbacks is removed.

Separately, on August 21, 2025, Spirit borrowed the entire available amount of $275.0 million under its amended and restated senior secured revolving credit facility, which matures on September 30, 2026. The company states that this borrowing, together with the revised collateral posting, is intended to enhance liquidity and will be used for general corporate purposes while it continues pursuing other liquidity initiatives.

Spirit Aviation Holdings, Inc. received a Schedule 13G disclosing that Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, L.L.C., and Stephen C. Freidheim (collectively the Reporting Persons) beneficially own 2,147,586 shares of the issuer's common stock, representing 8.6% of the outstanding class on a diluted basis. The filing states this total includes 383,962 shares issuable upon exercise of warrants and is calculated using 24,575,014 shares outstanding as of May 28, 2025. Ownership is reported as shared voting and dispositive power, with no sole voting or dispositive power asserted. The Reporting Persons state the securities are held in the ordinary course of business and not for the purpose of changing control.

Rokos Capital Management (US) LP and its principal Christopher Rokos reported beneficial ownership of 1,327,419 shares of Spirit Aviation Holdings, Inc. common stock, representing 5.1% of the outstanding class. The shares are held in Rokos Global Macro Master Fund LP, which RCM advises; Mr. Rokos is identified as the ultimate beneficial owner. The filing shows shared voting power and shared dispositive power over all reported shares and explicitly reports no sole voting or dispositive power. The issuer's principal executive offices are listed in Dania Beach, Florida. The filing includes a joint filing agreement as an exhibit. This Schedule 13G disclosure designates the position as a passive reporting stake rather than an active control filing.

Ares-affiliated entities report beneficial ownership of 1,986,675 shares of Spirit Aviation Holdings, Inc. (SAVE), equal to 7.5% of the company’s outstanding common stock as of June 30, 2025, based on the issuer’s reported share count of 25,878,921.

The Schedule 13G allocates holdings across multiple Ares funds and managed accounts and notes specific share and warrant amounts by fund. The filing states that all warrants held by the reporting persons are currently exercisable but subject to a 9.9% limitation. The disclosure lists the Ares entities that share voting and dispositive power and describes the internal ownership and governance relationships among those entities.

Pacific Investment Management Company LLC (PIMCO) reports beneficial ownership of 2,690,808 shares of Spirit Aviation Holdings, Inc. common stock, representing 9.9% of the class. The position is comprised of 1,393,184 direct shares and 1,297,624 shares attributable to warrants that are currently counted as beneficially owned because of exercise limitations.

PIMCO states it has sole voting and sole dispositive power over the reported shares and that the securities are held in investment advisory or discretionary client accounts, with PIMCO disclaiming ownership except to its pecuniary interest. Certain warrants totaling 2,517,517 underlying shares are subject to a 9.9% exercise limitation, which restricts further immediate ownership upon exercise.

Spirit Aviation Holdings emerged from Chapter 11 and applied fresh start accounting, issuing new equity and warrants and securing replacement financing while continuing airline operations. Under the successor presentation, total operating revenues for the three months were $1.02 billion, but operating expenses exceeded revenues, producing an operating loss of $184.1 million and a net loss of $245.8 million for the quarter, or $(7.24) per share. Cash and cash equivalents declined to $407.5 million and restricted cash was $152.1 million, with cash, cash equivalents and restricted cash of $559.6 million at period end in the statement of cash flows.

The company recorded significant fresh start adjustments that revalued flight equipment, leases, and debt and recognized a gain on settlement of prepetition claims. Management discloses substantial doubt about going concern due to weak demand, elevated capacity and covenant requirements; the company says it plans further liquidity actions and is negotiating with stakeholders and its credit card processor.