Spirit Airlines filed in US bankruptcy court to approve $10.7 million in retention bonuses for employees as it winds down operations.
Bonuses average $76,000 per participant, with undisclosed additional payments to the top three executives replacing prior incentive plan compensation.
CFO Fred Comer said no viable restructuring path exists; airline lacks funds for organized asset auction and seeks fast sales or repossession.
Prior talks with Trump administration for $500 million bailout (up to 90% equity) collapsed after creditor objections.