Spirit Aviation Holdings, Inc. 8-K

What Happened

• Spirit Aviation Holdings, Inc. (FLYYQ) announced it entered into a Restructuring Support Agreement on March 13, 2026 with certain holders of its debtor-in-possession (DIP) financing and prepetition notes to support a proposed Chapter 11 plan of reorganization. The consenting lenders represent roughly 74.6% of the New Money DIP Loans, 71.8% of Roll‑Up DIP Loans, and 60.0% of the non‑rolled up PIK Toggle Senior Secured Notes due 2030. A proposed plan (the “Plan”) is attached to the agreement as an exhibit.

• The company also disclosed “Cleansing Material” it previously provided to certain lenders under confidentiality agreements (NDAs) dated November 21, 2025; that material is attached to the 8‑K but the company warns it was prepared for private discussions, is not a public forecast and should not be relied on as a valuation or prediction.

Key Details

• Date of Restructuring Support Agreement: March 13, 2026.
• Voting support represented: ~74.6% New Money DIP Loans, ~71.8% Roll‑Up DIP Loans, ~60.0% certain prepetition secured notes.
• Exhibits filed: Restructuring Support Agreement (Ex. 10.1), a Dec. 17, 2025 Restructuring Term Sheet involving IAE (Ex. 10.2), and Cleansing Material (Ex. 99.1).

Why It Matters

• The agreement is a material step toward implementing a Chapter 11 reorganization plan that would restructure Spirit’s debt. Such a plan, if approved and confirmed, could materially affect creditor recoveries and the value of common stock.
• The company cautions that the Cleansing Material is informational, not a public forecast, and forward‑looking statements in the filing are subject to many risks (bankruptcy process outcomes, liquidity and financing availability, court rulings, and other factors). Trading in Spirit common stock during the Chapter 11 case is described as highly speculative and holders could suffer a significant or complete loss.