Loss (Gain) on Disposal

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Loss (Gain) on Disposal

Loss (Gain) on Disposal

During the three months ended June 30, 2025 and the Successor Period, the Company recorded a net gain of $0.3 million within loss (gain) on disposal of assets in the condensed consolidated statements of operations. This net gain included a $2.9 million gain recorded as a result of one aircraft sale leaseback transaction related to a new aircraft delivery completed during the second quarter of 2025. The gain was partially offset by a $1.7 million loss resulting from an adjustment to previously recorded impairment charges recorded in the fourth quarter of 2024, reflecting a change in estimated costs to sell associated with the Company’s aircraft sale and purchase agreement with GAT entered into on October 29, 2024, as well as $0.9 million in losses related to the write-off of obsolete assets and other adjustments.

During the Current Predecessor Period, the Company recorded a loss of $11.7 million within loss (gain) on disposal of assets in the condensed consolidated statements of operations. This loss included an $18.5 million adjustment to previously recorded impairment charges in the fourth quarter of 2024, reflecting a change in estimated costs to sell associated with the Company’s aircraft sale and purchase agreement with GA Telesis, LLC ("GAT") entered into on October 29, 2024, as well as $0.4 million in losses, related to the write-off of obsolete assets and other adjustments. These losses were partially offset by a $6.4 million gain recorded as a result of two aircraft sale leaseback transactions related to new aircraft deliveries completed during the Current Predecessor Period and a $0.9 million net gain true-up recorded related to the sale of A319 airframes and engines sold in 2024.