Struggling Spirit Airlines has set an ambitious target of 2027 to become profitable again.
It issued a regulatory filing as it works though its second Chapter 11 bankruptcy restructuring in the past year.
The airline is targeting a profit of about $219 million in 2027.
It would be a major turnaround as Spirit is predicting a loss this year of $804 million in 2025, and a much smaller loss in 2026.
This week, the bankruptcy court approved $475 million funding from existing bondholders to keep the carrier operating.
“With these approvals in place, we are better equipped to build a stronger airline,” Spirit CEO Dave Davis said.
Before it gets back to profitability, there will be more pain for its workforce.
It plans to furlough more than 300 extra pilots and downgrade 170 captains to first officers by early next year.
There will be more flight cuts and Spirit announced the upcoming closure of maintenance operations at three airports – Baltimore, Maryland, and Chicago.
“We are taking additional steps to align staffing across our organization with our previously announced capacity reduction and smaller operating fleet size,” an airline spokesperson said. “
