[xenadu02]

Spirit has filed bankruptcy twice in the past year. Bondholders aren't going to accept any purchase plan unless the buyer is going to vastly overpay.

They probably believe they'll get more money back from selling the aircraft. If American or United want a new airplane they place an order and wait 5 or more years for delivery. No airline has excess airplanes available to take new routes. They are so expensive just a handful being idle (outside of expected maintenance winodws) would erase all profit. That means if there is a new opportunity it can take a very long time to go after it.

Airlines from around the world will line up to buy every single one of Spirit's airplanes because it means they can have one _today_. A few might even pay premium prices for them.

Airlines are a cyclical business. Boeing and Airbus gobble up every spare dollar on the back end and customer pressure eats up the front end. Then you're subject to all sorts of random shocks outside your control without much ability to adjust your fixed costs. A difficult business to be in.