All in good Spirit: Bidders circle to acquire assets of collapsed ultra-low-cost airline
A month after shutting down following a failed government bailout and beginning to sell off its assets, Spirit Airlines may have found salvation as bidders move in on the bankrupt budget airline’s fleet and assets
Connor Johnson, who describes himself as the CEO of Mooney International, announced on Sunday, 14 June, that the company has formally submitted a bid to acquire Spirit Airlines and related assets, according to a CBS News report.
Since announcing in early May that it would cease operations, Spirit Airlines has been winding down its business and preparing to sell off its assets. Alongside stored aircraft, the ultra-low-cost carrier’s (ULCC) Dania Beach headquarters (built in 2024) is also up for grabs via auction in July, with bidders being given the option to purchase the entire campus or parts of it.
The carrier’s demise (one of the industry’s most dramatic collapses in recent years) marked a significant moment for the US’s budget travel market after the airline failed to secure a much-needed $500 million bailout from the US government.
In its August 2025 bankruptcy filing, Spirit reported having US$8.6 billion in assets against $8.12 billion in debts. Recoverable hard assets following the carrier’s shutdown in May are estimated at nearly $1.7 billion.
Spirit Airlines’ assets up for auction after shutdown
Following the airline’s shutdown last month, dozens of the ULCC’s signature yellow-liveried Airbus A320 aircraft were flown from bases in Fort Lauderdale-Hollywood International Airport and Orlando International Airport to Pinal Airpark and Goodyear in Arizona for long-term storage.
The airline has also commenced proceedings to auction a wide range of assets, including maintenance facilities, property in South Florida, spare engines, airport gates, and critical take-off and landing slots at some of the nation’s most congested airports. These sought-after slots represent considerable value with rival carriers eager to expand their footprint.
The report on CBS revealed that Mooney International proposes combining operations across Spirit Airlines, Mooney International, and a third entity called SEAir, with a focus on affordable and accessible air travel.
“Our objective is not only to preserve the Spirit Airlines legacy, but to create a new chapter focused on operational excellence, enhanced customer experience, expanded-route connectivity, sustainable aviation initiatives, and long-term growth,” the company said in a statement.
Why the Mooney International bid is more complex than it first appears
The ambition is bold. However, Live and Lets Fly reported that Johnson doesn’t currently own the Texas-based aircraft manufacturer Mooney International, but is in the process of acquiring it, with the deal due to close by the end of June. Johnson has framed the Spirit bid as one piece of a larger structure to create a single, integrated aviation platform that ties three carriers together.
Given his proposal to acquire one company with assets he does not currently own, Spirit’s bankruptcy administrators will likely have questions around the financial substance underpinning the proposal.
Meanwhile, Flight Global reported that Florida Air Express has also emerged with a proposal to acquire Spirit’s assets amid plans to launch a new carrier based out of Palm Beach International Airport.
Whether Spirit’s legacy as a key player in popularising the ULCC model is salvaged or its yellow jets remain quietly in storage under the Arizona sun remains to be seen, but the airline’s impact on US aviation is unquestionable.
Featured image: Aviation Capital Group
