Spirit plans to auction off more airplanes

The airline plans to sell 13 Airbus A320s planes and seven A321s. The move, which requires the permission of the bankruptcy court, would leave the discount airline with a fleet of 94 Airbus planes.
The proposed auction represents a ramp-up in Spirits downsizing plans, according to Deutsche Bank investment analyst Michael Linenberg. In previous filings, Spirit had stated plans to reduce its fleet to 114 planes, down from the 214 it had before it entered bankruptcy in August.
The airline has asked the court to approve an auction date of April 20. Ahead of an auction, Spirit has reached an agreement with Arizona-based CSDS Asset Management for a minimum sales price of $533.5 million for the 20 aircraft. Any winner bidder would have to offer more. 

The airline has asked the court to approve an auction date of April 20. Ahead of an auction, Spirit has reached an agreement with Arizona-based CSDS Asset Management for a minimum sales price of $533.5 million for the 20 aircraft. Any winner bidder would have to offer more.  In a court filing, Spirit chief financial officer Fred Cromer explained that Spirit is re-orienting its network to fly more in key focus cities while pulling out of other cities. "To do so, Spirit must rightsize its fleet to match capacity with profitable demand, which will materially lower Spirits debt and lease obligations and realize hundreds of millions of dollars in annual operating savings," Cromer wrote. This month, Spirit is flying to 13 fewer destinations than it did a year ago, with capacity down 23.9%, Cirium flight schedule data shows.