Spirit Airlines furloughs 260 pilots to save money
CNN
Spirit Airlines said on Monday it has reached a deal with Airbus to delay all aircraft deliveries scheduled from the second quarter of 2025 through 2026 and intends to furlough about 260 pilots, as the company looks to save cash.
Spirit Airlines said on Monday it has reached a deal with Airbus to delay all aircraft deliveries scheduled from the second quarter of 2025 through 2026 and intends to furlough about 260 pilots, as the company looks to save cash. The low-cost airline said it would defer the scheduled deliveries to 2030-2031. As a result of the deferrals, along with quality issues with engines made by supplier Pratt & Whitney, Spirit is furloughing pilots effective Sept. 1. Shares of Spirit (SAVE) rose about 5% in early trade. A snag with Pratt & Whitney Geared Turbofan engines has forced Spirit to ground some of its A320neo aircraft, pinching the company at a time when it is already grappling with a cash crunch. The agreement with Airbus would improve Spirit’s liquidity by about $340 million over the next two years, the carrier said, adding that there were no changes to its orders scheduled to be delivered during 2027-2029. “[The] aircraft deferrals and pilot furloughs look positive, in terms of helping the carrier to reduce [or] defer some costs. However, among other factors, the carrier now potentially also reduces its revenue generation opportunities,” Citi Research analyst Stephen Trent wrote in a note.
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