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Spirit Aviation Holdings, Inc. is beginning an orderly wind-down of operations and has cancelled all Spirit Airlines flights effective immediately. The company has been operating under Chapter 11 in the Southern District of New York and now plans to stop filing periodic reports with the SEC except where legally required.
The company states it expects holders of its common stock to experience a complete loss on their investment, underscoring the severity of its financial distress. Management cites a recent material increase in oil prices, other business pressures and the inability to obtain additional funding, noting that sustaining the business would have required hundreds of millions of extra dollars of liquidity.
Spirit will automatically refund customers who bought tickets directly with a credit or debit card, while refunds for tickets bought through travel agents must be handled via those agents. Treatment of vouchers, credits and points will be determined later through the bankruptcy process, with more information available at Spirit’s restructuring website.
Spirit Aviation Holdings, Inc. is beginning an orderly wind-down of operations and has cancelled all Spirit Airlines flights effective immediately. The company has been operating under Chapter 11 in the Southern District of New York and now plans to stop filing periodic reports with the SEC except where legally required.
The company states it expects holders of its common stock to experience a complete loss on their investment, underscoring the severity of its financial distress. Management cites a recent material increase in oil prices, other business pressures and the inability to obtain additional funding, noting that sustaining the business would have required hundreds of millions of extra dollars of liquidity.
Spirit will automatically refund customers who bought tickets directly with a credit or debit card, while refunds for tickets bought through travel agents must be handled via those agents. Treatment of vouchers, credits and points will be determined later through the bankruptcy process, with more information available at Spirit’s restructuring website.
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, 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, Inc. reported a Schedule 13G/A amendment showing M&G Plc on behalf of certain subsidiaries holds 1,642,868 shares of Common Stock, representing 5.80% of the class (header shows 03/31/2026). The filing states the shares are held for investment vehicles managed by Reporting Persons and that each Reporting Person disclaims beneficial ownership except to the extent of its interest.
Spirit Aviation Holdings, Inc. reported a Schedule 13G/A amendment showing M&G Plc on behalf of certain subsidiaries holds 1,642,868 shares of Common Stock, representing 5.80% of the class (header shows 03/31/2026). The filing states the shares are held for investment vehicles managed by Reporting Persons and that each Reporting Person disclaims beneficial ownership except to the extent of its interest.
Spirit Aviation Holdings, Inc. reports that Vladimir Galkin, Angelica Galkin and the Angelica Galkin Revocable Trust together hold 1,420,000 shares of common stock, representing 5.0% of the outstanding common stock. The filing states these shares are held in the Revocable Trust and that the trust and the individuals share voting and dispositive power.
The filing cites 28,320,815 shares outstanding as of March 4, 2026 as the basis for the percentage and includes a Joint Filing Agreement among the reporting persons.
Spirit Aviation Holdings, Inc. reports that Vladimir Galkin, Angelica Galkin and the Angelica Galkin Revocable Trust together hold 1,420,000 shares of common stock, representing 5.0% of the outstanding common stock. The filing states these shares are held in the Revocable Trust and that the trust and the individuals share voting and dispositive power.
The filing cites 28,320,815 shares outstanding as of March 4, 2026 as the basis for the percentage and includes a Joint Filing Agreement among the reporting persons.
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’ 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. 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. 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. 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, 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.”
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.”