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Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is comprised of the following:

SuccessorPredecessorSuccessorPredecessor
As ofAs of
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
(in millions)(weighted-average interest rates)
DIP term loan due in 2026$358.6 $— 11.75 %N/A
DIP term loan due in 2025— 309.0 N/A11.82 %
Fixed-rate loans due through 2039 (1)
274.8 972.2 3.63 %6.44 %
Unsecured term loans due in 2031 (3)
— 136.3 N/A1.00 %
Fixed-rate class A 2015-1 EETC due through 2028212.6 234.6 4.10 %4.10 %
Fixed-rate class AA 2017-1 EETC due through 2030
148.3 160.3 3.38 %3.38 %
Fixed-rate class A 2017-1 EETC due through 2030
49.4 53.4 3.65 %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
Revolving credit facility due in 2028 (3)
— 300.0 7.27 %6.67 %
Long-term debt$1,258.7 $2,210.5 
Less current maturities, net (2)
474.8 436.3 
Less unamortized discounts, net (2)
65.0 13.2 
Total$718.9 $1,761.0 
(1) As of December 31, 2025, the Company's fixed-rate loans are comprised of bank debt and 13 aircraft recorded as failed sale leaseback transactions, of which only the 13 aircraft recorded as failed sale leaseback transactions are recorded as liabilities subject to compromise. Refer to Note 3, 2025 Chapter 11 Bankruptcy Proceedings, for additional information. As of December 31 2024, includes obligations related to 18 aircraft recorded as failed sale leaseback transactions. Refer to Note 15, 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.
(3) As of December 31, 2025, these debt instruments are recorded within liabilities subject to compromise on the Company's consolidated balance sheets.
Schedule of Maturities of Long-term Debt
As of December 31, 2025, the successor's long-term debt principal payments for the next five years and thereafter were as follows (in millions):

Successor
December 31, 2025
2026$502.1 
2027167.9 
2028348.4 
202958.0 
2030177.3 
2031 and beyond5.0 
Total debt principal payments (1)
$1,258.7 

(1) Excludes principal payments related to debt instruments recorded within liabilities subject to compromise on the Company's consolidated balance sheets as of December 31, 2025.
Schedule of Interest Expense on Long-term Debt and Capital Leases
The Successor's interest expense related to long-term debt and finance leases consists of the following (in thousands):
SuccessorPredecessorPredecessorPredecessor
Period from March 13, 2025 through December 31, 2025Period from January 1, 2025 through March 12, 2025Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023
8.00% senior secured notes (1)
$— $17,753 $92,621 $93,010 
Fixed-rate term loans (4)
34,609 13,175 69,635 37,213 
Unsecured term loans (4)
2,178 265 1,365 1,363 
Class A 2015-1 EETC7,293 1,879 10,078 10,962 
Class B 2015-1 EETC— — 446 1,954 
Class C 2015-1 EETC— — — 777 
Class AA 2017-1 EETC4,122 1,036 5,561 5,990 
Class A 2017-1 EETC1,486 373 2,005 2,159 
Class B 2017-1 EETC227 325 1,748 1,881 
Class C 2017-1 EETC— — — 522 
Class B(R) 2025-1 EETC (2)
18,813 — — — 
Convertible notes (3)
— 1,246 15,849 (3,778)
Exit secured notes (4)
48,333 — — — 
Revolving credit facility (4)
7,818 3,732 4,501 — 
DIP term loans7,102 6,869 812 — 
Finance leases18 5 33 30 
Commitment and other fees792 20 1,340 1,655 
Amortization of deferred financing costs and fair value adjustments28,056 1,004 13,100 15,453 
Total$160,847 $47,682 $219,094 $169,191 

(1) Includes interest expense for the Current Predecessor Period. Includes $3.8 million and $4.2 million of accretion and $88.8 million and $88.8 million of interest expense for the twelve months ended December 31, 2024, and 2023, respectively.
(2) Includes $0.3 million of amortization of the discount, as well as interest expense, for the Successor Period from March 13, 2025 through December 31, 2025.

(3) Includes interest expense for the convertible notes due 2025 and 2026, for the 2025 Current Predecessor Period. Includes $16.4 million and $14.3 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, offset by $0.5 million and $18.1 million of favorable mark to market adjustments for the convertible notes due 2026 for the twelve months ended, December 31, 2024, and 2023, respectively.
(4) As of December 31, 2025, these debt instruments are recorded within liabilities subject to compromise on the Company's consolidated balance sheets and therefore ceased accruing interest due to the 2025 Bankruptcy. If not for the 2025 Bankruptcy, the interest expenses for the Successor Period would have been $3.4 million for the unsecured term loans and $82.6 million for the exit secured notes. The Company's fixed-rate loans are comprised of bank debt and 13 aircraft recorded as failed sale leaseback transactions, of which only the 13 aircraft recorded as failed sale leaseback transactions are recorded as liabilities subject to compromise. Refer to Note 3, 2025 Chapter 11 Bankruptcy Proceedings, for additional information.