Updated: December 13, 2025 — Spirit Airlines is facing a pivotal Chapter 11 milestone today that could determine whether the ultra-low-cost carrier can keep flying without disruption into the peak holiday travel stretch. Rival airlines are reportedly preparing contingency plans for a potential Spirit shutdown, even as Spirit insists flights are operating normally. At the same time, American Airlines emerged as an unexpected—and increasingly visible—player in Spirit’s bankruptcy orbit, buying Spirit’s O’Hare gates and formally joining the bankruptcy docket to receive court filings. [1]
What’s happening today: the Dec. 13 Spirit Airlines funding milestone
The immediate pressure point is Spirit’s ability to access up to $100 million from its debtor-in-possession (DIP) financing on December 13, 2025 — a date spelled out in Spirit’s SEC filing describing the structure and timing of its DIP facility. DIP financing is designed to keep a company operating while it restructures in bankruptcy, but it typically comes with conditions that must be met before additional tranches are released. [2]
In filings and reporting around the deadline, airline executives and industry observers have framed today as a “make-or-break” moment: if Spirit can’t draw the tranche, the carrier could face a sudden liquidity crunch that increases the risk of an operational shutdown. The Air Current reported that multiple US airlines are closely tracking the deadline, with some executives viewing an abrupt halt as a real possibility. [3]
Competitors are reportedly preparing “rescue” flights and replacement schedules
According to reporting published late Friday, at least two major US airlines are accelerating plans to backfill Spirit capacity and offer “rescue fares” for stranded passengers in the event Spirit’s operation ends abruptly. The Air Current also cited flight-schedule data indicating Spirit has hundreds of flights scheduled today and thousands more through December 20 , underscoring the scale of disruption that could ripple through holiday travel if Spirit falters. [4]
AirlineGeeks separately summarized the same competitive posture, describing rival carriers as watching the deadline closely and preparing for a possible shutdown scenario, while noting Spirit’s ongoing cost-cutting and restructuring moves. [5]
Spirit denies shutdown preparations: “business as usual”
Spirit, for its part, is pushing back hard against the speculation.
A Spirit spokesperson industry told media that rumors of a planned shutdown are unfounded and that operations are continuing normally—captured in a short, unequivocal line that has been widely repeated:
“There is no truth to any rumors… It is business as usual at Spirit.” [6]
Bloomberg Law similarly reported Spirit’s denial, noting the carrier says flights are operating normally and that it remains in talks with lenders and stakeholders as it works through restructuring. [7]
The financing structure behind the deadline: what the SEC filing shows
Spirit’s SEC disclosure describes a DIP facility of up to $475 million in term loans. It states that $200 million in “initial new money” term loans had been funded under an interim order, and that additional new-money tranches are scheduled, including up to $75 million on November 7, 2025 and up to $100 million on December 13, 2025 , with another tranche on a later date. [8]
This structure matters because it frames today not as an abstract courtroom date, but as a scheduled financing event—one that industry watchers believe could determine whether Spirit’s cash runway is extended or shortened at exactly the wrong moment for travelers. [9]
Why American Airlines is suddenly central to the Spirit bankruptcy story
Two parallel developments have pulled American Airlines closer to Spirit’s Chapter 11 case:
- American formally entered the Spirit bankruptcy docket by filing a notice of appearance and requesting to receive future filings and notices. Reuters reported the filing is tied to an “airport-specific agreement,” according to an American spokesperson, and it seeks documents such as operating reports and restructuring or liquidation papers. [10]
- American purchased two Spirit gates at Chicago O’Hare for $30 million , a deal approved by a bankruptcy judge in New York. This transaction is both a cash-generating move for Spirit and a strategic win for American in a fiercely competitive hub. [11]
Together, these steps don’t confirm any takeover plan—but they do show American is actively protecting (and potentially expanding) its interests as Spirit’s restructuring evolves. Reuters also noted Spirit has said publicly it is exploring options and that a value-maximizing outcome could include a merger or sale . [12]
The O’Hare gates deal: $30 million, court-approved, and tied to shrinking Spirit flying
Reuters reported that Spirit will transfer two airport gates at Chicago O’Hare International Airport to American for $30 million , after a US Bankruptcy Court judge approved the request. Spirit determined it no longer needed all four preferential gates it held at O’Hare and will retain two while assigning two to American. [13]
The same Reuters report describes how dramatically Spirit’s O’Hare presence has thinned: Spirit had about 32 departures on peak days , but that number has roughly halved , according to a court filing referenced in the Reuters coverage. [14]
Spirit’s O’Hare contraction fits the broader footprint reduction playing out in bankruptcy. Reuters reported Spirit has already exited 14 airports and rejected leases for over 80 aircraft as it attempts to right-size the operation and cut costs. [15]
Chicago’s gate battle: American rebounds after losing gates to United
Locally, the gate purchase is being framed as part of American’s attempt to rebuild momentum at O’Hare after a bruising gate reallocation earlier this fall.
The Daily Herald reported American lost four gates at O’Hare to United Airlines in October during a reshuffle by the Chicago Department of Aviation (CDA) based on flight activity. United gained five gates from that process, and American challenged the decision in court, arguing it violated a 2018 agreement and would squeeze arrivals and departures. [16]
American now says the newly acquired gates—located on Terminal 3’s G Concourse —will help “pave the way” for added destinations from Chicago. The Daily Herald also reported American expanded to 26 markets in 2025 , positioning the latest move as an investment in the hub rather than a one-off transaction. [17]
Chicago aviation leadership, meanwhile, cast the deal as a requested signal. CDA Commissioner Mike McMurray said the lease reassignment reflects “continued and growing demand” to fly through O’Hare and enables American to add options while still allowing Spirit to sustain service to leisure destinations. [18]
Spirit’s labor news just before the deadline: agreements ratified, pending court approval
On Friday, Spirit also announced a notable internal milestone: Spirit said its pilots (ALPA) and flight attendants (AFA-CWA) have ratified attempted agreements. Spirit emphasized the agreements are subject to court approval and framed them as part of building a stronger foundation for the airline during restructuring. [19]
In bankruptcy cases, labor agreements can be a major signal to lenders and lessors because they clarify near-term cost structure and operational stability. While Spirit’s statement focused on the milestone and the need for court approval, the timing—immediately ahead of today’s financing date—has added to industry scrutiny around what conditions lenders may be requiring before additional capital becomes available. [20]
What this means for travelers right now
Even with competitors preparing contingency plans, Spirit is still operating , and the company says flights are running normally. [21]
For passengers traveling today and through the coming week, the practical risk is uncertainty—especially because a sudden shutdown (if it occurred) would be operationally disruptive during a high-demand travel period when replacement seats can be expensive and hard to find. [22]
If you’re booked on Spirit in the near term, travelers typically reduce risk by:
- Monitor flight status closely and watch for schedule changes.
- Keeping confirmation emails, receipts, and fare rules handy.
- Considering a backup plan for mission-critical travel dates, especially if you have limited flexibility.
(These are general travel-risk steps; they don’t assume a shutdown will happen.) [23]
What to watch next in the Spirit Airlines bankruptcy
As of December 13, the story has three moving parts that could reshape the next phase quickly:
- Whether Spirit can access the scheduled $100 million tranche tied to today’s date in its DIP financing structure. [24]
- Whether additional airlines publicly adjust schedules (or quietly position capacity) in anticipation of disruption, as described by industry reporting. [25]
- How Spirit’s assets and network decisions continue to unfold , including deals like the O’Hare gate transfer and any further court-approved transactions that generate cash or reduce obligations. [26]
American’s posture will also remain under the microscope. Its notice of appearance in Spirit’s case is officially described as tied to an airport-specific agreement, but the combination of legal participation and strategic gate expansion ensures American has a front-row seat as Spirit’s restructuring options—including any merger or sale discussions Spirit has acknowledged exploring—develop. [27]
Bottom line: Spirit says it’s flying as usual. But today’s financing milestone is real, documented, and closely watched across the industry—turning December 13, 2025 into one of the most consequential dates yet in Spirit’s second Chapter 11 journey. [28]
References
1. theaircurrent.com, 2. www.sec.gov, 3. theaircurrent.com, 4. theaircurrent.com, 5. airlinegeeks.com, 6. theaircurrent.com, 7. news.bloomberglaw.com, 8. www.sec.gov, 9. www.sec.gov, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.dailyherald.com, 17. www.dailyherald.com, 18. www.dailyherald.com, 19. ir.spirit.com, 20. ir.spirit.com, 21. news.bloomberglaw.com, 22. theaircurrent.com, 23. news.bloomberglaw.com, 24. www.sec.gov, 25. theaircurrent.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.sec.gov
