v3.25.2
Debt and Other Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt is comprised of the following:
SuccessorPredecessorSuccessorPredecessor
As ofAs of
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
(in millions)(weighted-average interest rates)
DIP term loan due in 2025$— $309.0 N/A11.82 %
Fixed-rate loans due through 2039 (1)
880.2 972.2 5.24 %6.44 %
Unsecured term loans due in 2031136.3 136.3 2.50 %1.00 %
Fixed-rate class A 2015-1 EETC due through 2028223.6 234.6 4.04 %4.10 %
Fixed-rate class AA 2017-1 EETC due through 2030
154.3 160.3 3.36 %3.38 %
Fixed-rate class A 2017-1 EETC due through 2030
51.4 53.4 3.63 %3.65 %
Fixed-rate class B 2017-1 EETC due through 2026
— 44.7 N/A3.80 %
Fixed-rate class B(R) 2025 EETC due through 2030215.0 — 11.00 %N/A
Exit secured notes due in 2030850.3 — 12.00 %N/A
Revolving credit facility due in 2028— 300.0 N/A6.67 %
Long-term debt$2,511.1 $2,210.5 
Less current maturities, net (2)
121.0 436.3 
Less unamortized discounts, net (2)
148.0 13.2 
Total$2,242.1 $1,761.0 
(1) Includes obligations related to 18 aircraft recorded as failed sale leaseback transactions. Refer to Note 12, Leases for additional information.
(2) Includes deferred financing costs associated with the Company’s long-term debt, as well as the original issue discount resulting from fair value adjustments under fresh start accounting.
Schedule of Maturities of Long-term Debt
At June 30, 2025, the successor's long-term debt principal payments for the next five years and thereafter were as follows (in millions):

June 30, 2025
Remainder of 2025$69.4 
2026180.9 
2027207.6 
2028390.6 
2029103.1 
2030 and beyond (1)
1,737.3 
Total debt principal payments$2,688.9 


(1) Includes paid-in-kind (PIK) interest that is anticipated to accrue and be settled along with the principal repayment of the Company’s Exit Secured Notes at maturity.
Schedule of Interest Expense, Long-term Debt
Successor's interest expense related to long-term debt and finance leases consists of the following (in thousands):
 SuccessorPredecessor
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
8.00% senior secured notes (1)
$— $23,252 
Fixed-rate term loans11,847 17,503 
Unsecured term loans1,528 346 
Class A 2015-1 EETC2,281 2,505 
Class B 2015-1 EETC— 5 
Class AA 2017-1 EETC1,309 1,403 
Class A 2017-1 EETC472 504 
Class B 2017-1 EETC142 440 
Class B(R) 2025-1 EETC (2)
5,913 — 
Convertible notes (3)
— 4,432 
Exit secured notes25,480 — 
Finance leases6 9 
Commitment and other fees492 421 
Amortization of deferred financing costs and fair value adjustments12,633 3,487 
Total$62,103 $54,307 
(1) Includes $1.1 million of accretion and $22.2 million of interest expense for the three months ended June 30, 2024.
(2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the three months ended June 30, 2025.
(3) Includes $4.4 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026 for the three months ended June 30, 2024.


SuccessorPredecessorPredecessor
Period from March 13, 2025 through June 30, 2025Period from January 1, 2025 through March 12, 2025Six Months Ended June 30, 2024
8.00% senior secured notes (1)
$— $17,753 $46,505 
Fixed-rate term loans14,764 13,175 35,355 
Unsecured term loans1,599 265 685 
Class A 2015-1 EETC2,784 1,879 5,117 
Class B 2015-1 EETC— — 446 
Class AA 2017-1 EETC1,582 1,036 2,823 
Class A 2017-1 EETC571 373 1,014 
Class B 2017-1 EETC228 325 885 
Class B(R) 2025-1 EETC (2)
5,913 — — 
Convertible notes (3)
— 1,246 8,363 
Exit secured notes30,800 — — 
Revolving credit facilities— 3,732 — 
DIP term loan— 6,869 — 
Finance leases8 5 17 
Commitment and other fees605 20 835 
Amortization of deferred financing costs and fair value adjustments13,026 1,004 7,069 
Total$71,880 $47,682 $109,116 

(1) Includes interest expense for the Predecessor Period from January 1, 2025 through March 12, 2025. Includes $2.1 million of accretion and $44.4 million of interest expense for the six months ended June 30, 2024.
(2) Includes $0.1 million of amortization of the discount, as well as interest expense, for the Successor Period from March 13, 2025 through June 30, 2025.
(3) Includes interest expense for the convertible notes due 2025 and 2026, for the 2025 Predecessor Period. Includes $8.9 million of amortization of the discount for the convertible notes due 2026, as well as interest expense for the convertible notes due 2025 and 2026, partially offset by $0.5 million of favorable mark to market adjustments for the convertible notes due 2026, for the six months ended June 30, 2024.