airBaltic has taken the unusual step of filing for Chapter 11 financial restructuring in the United States as it faces mounting financial challenges but remains operational.
Spirit Airlines in Talks with Castlelake Amid Bankruptcy, as the U.S. ultra-low-cost carrier explores strategic options to stabilize its business and secure long-term financing while under Chapter 11 bankruptcy protection for the second time in under a year.
Blue Air (Romania) administrators have successfully sold two Boeing 737-500 aircraft, serial numbers 24941 and 24942, at auction for a total of approximately US$3.5 million. The identity of the buyer has not been disclosed, leaving some uncertainty about the future deployment of these aircraft.
Air Zimbabwe has announced plans to sell two B777-200ER aircraft, serial numbers 28421 and 28422, in an “as-is” condition to help settle its outstanding debts. The airline is seeking bids for the aircraft by 25 July 2025, marking a significant move to reduce financial pressures and stabilize its operations.
Capital A, the Malaysia-based parent of AirAsia, has secured approval from its shareholders and debtholders for a capital reduction plan valued at up to $1.4 billion. This strategic move is designed to help the company restructure its financial obligations and improve its overall balance sheet health.
Azul has announced a significant change in its capital structure through the conversion of 35% of notes due in 2029 and 2030 into preferred shares, as part of a broader capital increase initiative. The move aims to improve the airline’s balance sheet and reduce debt burdens in the face of continued financial pressures across the Brazilian aviation sector.
Spirit Aviation Holdings (US), the parent company of Spirit Airlines, has announced that Spirit Airlines has successfully completed its financial restructuring, marking a significant step in stabilizing its financial position and reducing debt obligations. The airline converted approximately $795 million of funded debt into equity, significantly lowering its leverage and improving its financial flexibility.
Capital A, the parent company of AirAsia, has secured approval from Bursa Malaysia Securities for its proposed regularisation plan, a key milestone in its efforts to exit Practice Note 17 (PN17) status. This approval allows the company to move forward with its financial restructuring and business reorganisation, reinforcing its long-term growth strategy.
Air Mauritius, facing ongoing financial difficulties, is in urgent need of an equity cash injection, according to its newly appointed chairman, Kremchand Beegoo. The airline is actively working to assess its financial standing, restructure its ownership model, and convince shareholders to support its recovery.
Azul (Brazil) has had its credit rating downgraded to ‘SD’ (Selective Default) by S&P Global Ratings (US) after completing a distressed debt exchange. The downgrade reflects S&P’s classification of Azul’s recent debt restructuring as distressed, rather than a conventional market transaction.
