Debt and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is comprised of the following:

	As of				As of
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(in millions)				(weighted-average interest rates)
DIP term loan due in 2025	$	—	$	309.0	N/A		11.82	%
Fixed-rate loans due through 2039 (1)	904.9		972.2		6.44	%	6.44	%
Unsecured term loans due in 2031	136.3		136.3		1.00	%	1.00	%
Fixed-rate class A 2015-1 EETC due through 2028	234.6		234.6		4.10	%	4.10	%
Fixed-rate class AA 2017-1 EETC due through 2030	154.3		160.3		3.38	%	3.38	%
Fixed-rate class A 2017-1 EETC due through 2030	51.4		53.4		3.65	%	3.65	%
Fixed-rate class B 2017-1 EETC due through 2026	43.0		44.7		3.80	%	3.80	%
Fixed-rate class B(R) 2025 EETC due through 2030	215.0		—		11.00	%	N/A
Exit secured notes due in 2030	841.8		—		12.00	%	N/A
Revolving credit facility due in 2028	—		300.0		N/A		6.67	%
Long-term debt	$	2,581.3	$	2,210.5
Less current maturities, net (2)	191.1		436.3
Less unamortized discounts, net (2)	158.9		13.2
Total	$	2,231.3	$	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 March 31, 2025, successor's long-term debt principal payments for the next five years and thereafter were as follows (in millions):

	March 31, 2025
Remainder of 2025	$	107.0
2026	222.1
2027	207.6
2028	390.6
2029	103.1
2030 and beyond (1)	1,737.3
Total debt principal payments	$	2,767.7

(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:

	Successor		Predecessor
	Period from March 13, 2025 through March 31, 2025		Period from January 1, 2025 through March 12, 2025		Three Months Ended March 31, 2024
	(in thousands)
8.00% senior secured notes (1)	$	—	$	17,753	$	23,252
Fixed-rate term loans	2,917		13,175		17,852
Unsecured term loans	71		265		339
Class A 2015-1 EETC	503		1,879		2,612
Class B 2015-1 EETC	—		—		442
Class AA 2017-1 EETC	273		1,036		1,420
Class A 2017-1 EETC	99		373		510
Class B 2017-1 EETC	86		325		445
Convertible notes (2)	—		1,246		3,932
Exit secured notes	5,320		—		—
Revolving credit facilities	—		3,732		—
DIP term loan	—		6,869		—
Finance leases	2		5		8
Commitment and other fees	113		20		415
Amortization of deferred financing costs and fair value adjustments	393		1,004		3,582
Total	$	9,777	$	47,682	$	54,809

(1) Includes $17.8 million of interest expense for the Current Predecessor Period. Includes $1.1 million of accretion and $22.2 million of interest expense for the three months ended March 31, 2024.

(2) Includes interest expense for the convertible notes due 2025 and 2026, for the 2025 Predecessor Period. 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, partially offset by $0.5 million of favorable mark to market adjustments for the convertible notes due 2026, for the three months ended March 31, 2024.