Spirit to Start Tapping $475 Million in New Bankruptcy Financing

Spirit Aviation Holdings Inc. won bankruptcy court permission to start tapping $475 million in new financing and implement a deal with its biggest aircraft lessor to return dozens of aircraft.

Both the new financing and the agreement with lessor AerCap Ireland Ltd. are poised to unlock more than $600 million in fresh liquidity to fund Spirit’s operations while it restructures in Chapter 11. Additional settlements with other aircraft lessors that will save the bankrupt carrier more money should be finalized in the coming days, Spirit lawyer Marshall Huebner said Friday during a court hearing in New York.

The new financing ...