Spirit Airlines Inc. has entered into an agreement with International Aero Engines, LLC, an affiliate of Pratt & Whitney, to address issues with the GTF engines powering their A320neo aircraft. Under the agreement, Spirit will receive a monthly credit through the end of 2025, contingent on certain conditions, as compensation for aircraft unavailable due to these engine issues. The financial impact on Spirit's liquidity is estimated to be between $150 million and $195 million, depending on the number of days aircraft remain out of service in 2025. Additionally, Spirit agreed to release IAE and its affiliates from claims related to the affected engines from March 26, 2024, through December 31, 2025.
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