Spirit Airlines has filed for Chapter 11 bankruptcy protection for the second time in 10 months. The US carrier disclosed on 29 August that it has filed for Chapter 11 in the US Bankruptcy Court for the Southern District of New York. Spirit in November 2024 had filed for Chapter 11 bankruptcy protection in the same court, emerging from that restructuring process on 12 March. In the second quarter, the airline made an operating loss of $184 million, deepening a $153 million loss in 2024's second quarter. Spirit said on 29 August that it "is executing a comprehensive restructuring of the airline to position the business for long-term success". The Dania Beach, Florida-based carrier's chief executive Dave Davis notes that Spirit's previous restructuring "was targeted exclusively on reducing Spirit's funded debt and raising equity capital". In this subsequent restructuring, Spirit will be "proceeding with a comprehensive approach in which we will be far more strategic about our fleet, markets and opportunities". In an 11 August 2025 filing to the US Securities and Exchange Commission, Spirit had warned that within the next 12 months it may be unable to operate "as a going concern", citing uncertainty about its ability to comply with minimum liquidity covenants. It noted at the time that a surplus of domestic capacity and "continued weak demand for domestic leisure travel" in the second quarter have led to a "challenging pricing environment" and "uncertainties in its business operations". Later in August, sources indicated that Spirit had appointed PJT Partners to assist in a new restructuring. One source advised that Spirit's lessors have "been holding their breath for a while" as rumors of a second restructuring circulated. Of Spirit's fleet of 214 aircraft – 62 Airbus A320ceos, 91 A320neos, 29 A321ceos and 32 A321neos – 166 are under operating lease and 48 are owned by the carrier, Fleets data shows. AerCap manages the most aircraft in Spirit's fleet, with 37 Airbus jets leased to the carrier. SMBC Aviation Capital ranks second after AerCap in number of Spirit-leased jets managed, with 26.

Air New Zealand has reported a 15% fall in earnings before taxation, to NZ$189 million ($111 million), for the year to June, and linked this to engine-related aircraft groundings and a softer domestic market. Operating revenue was flat year on year at NZ$6.76 billion, as passenger revenue fell 1.5% to NZ$5.9 billion. ASK capacity was reduced 3.7%, amid "fleet constraints arising from ongoing global engine maintenance delays", but RPK traffic contracted only 1.5%, with the result that load factor increased 1.9 percentage points to 83.4%. RASK increased 2.8%. On the cost side, fuel costs improved 12% but this was completely offset by NZ$235 million in "non-fuel operating cost inflation", including higher landing charges, labour costs and engineering materials. The airline also commented that it had up to six narrowbodies and five widebodies out of service throughout the year owing to maintenance requirements on its Pratt & Whitney geared turbofan and Rolls-Royce Trent 1000 engines that power its A320neo-family jets and 787s, respectively. "While the airline received NZ$129 million in compensation from engine manufacturers, it estimates earnings before taxation of NZ$189 million could have been approximately NZ$165 million higher had the fleet operated as intended," the airline adds. Net profit after tax fell 14% to NZ$126 million. "This is a solid result in a year where the airline faced real operational and economic pressure," states chair Therese Walsh. "It speaks to the capability of the team, the robustness of the business, and the financial discipline that Greg [Foran] has instilled during his time as CEO. While near-term challenges remain, our balance sheet is strong, and our strategy is clear." Foran, who will step down from his role in October, adds that the carrier is working closely with both Pratt and Rolls on further compensation but still faces engine issues over the coming years. "We are confident in the medium-term recovery path, but note the next year will likely be every bit as constrained as the last. Unfortunately, there are no quick fixes, and navigating the next two years will require the same focus and discipline we've shown to date," he adds. Foran stresses that while New Zealand's economy faces challenges, "we remain confident that demand will return, and that we're well placed to respond when it does". In its outlook, the airline says it expects first-half earnings before tax to be "similar or less than reported in the second half of the 2025 financial year (NZ$34 million)". In the year ahead, Air New Zealand expects to lift capacity by 2-4%, with the greatest contribution coming from its Tasman and Pacific Islands network as it conducts more widebody flying and operates additional A321neos which entered service in May and August.

Swedish carrier Braathens plans to phase out its Airbus fleet by 2027 to focus solely on providing ATR 72-600 ACMI services for European airlines. The carrier says it will gradually phase out its A319s and A320s as their leases expire, with all Airbus aircraft to be eliminated from its fleet by 2027. Fleets data shows that Braathens has four A319s and three A320s leased from a variety of lessors, including Macquarie AirFinance, Deucalion Aviation, Aero Capital Solutions, Carlyle Aviation Partners and DAE Capital. Braathens also has 17 in-service ATR 72-600s and two more on order with options on an additional four. The carrier operates ACMI services on behalf of SAS and Austrian alongside scheduled operations but has decided to become a pure ACMI provider using only turboprop aircraft. The decision was taken partly because agreements with tour operators are due to expire soon, says Braathens, but also because Airbus jets are “no longer considered optimally configured” to meet the needs of its customers. It adds that turboprops are more “energy and climate efficient” and are more suitable for routes on which larger aircraft are no longer profitable. “By adapting our operations, we will be able to offer ACMI solutions that are in demand while building a more streamlined and cost-effective business that has good potential for growth,” states Braathens chairman and owner Per Braathen. The carrier says it hopes to offer affected personnel the opportunity to remain with the company as it changes strategy.