Spirit Airlines Planes Repossessed Following Shutdown

Spirit Airlines officially shut down on May 2. In the aftermath, companies like Nomadic Aviation Group are beginning to shuttle the planes back to the companies that provided them to Spirit under lease. 

In fact, three-quarters of Spirit's fleet was leased. 

One of the pilots responsible for shuttling is Steve Giordano, a managing partner for Nomadic Aviation Group. He told CNBC that they've organized a "massive repossession of more than 20 Spirit planes that lessors wanted returned."

He also said that over the last week or so, he and his team flew 23 Spirit planes from airports around the US to the Arizona desert. 

Giordano said he heard later that morning on May 1 that he and his team would be going to work soon. 

“We finally got the trigger pulled to start moving crews at 6 p.m.," Giordano said, referring to May 1. Spirit officially shut down at 3 a.m. on May 2. 

Why Spirit Planes Are Being Stored in Arizona

When Nomadic began operations, they hired pilots, including some who flew for Spirit, to ferry the planes to airports outside Phoenix and Tucson, Arizona, for storage. 

These crafts are brought there because the climate reduces the likelihood of corrosion or other damage. 

Part of Nomadic's job in this is ensuring that everything is done, including fueling the planes, necessary inspections, and crewing. “When you’re out on a mission like this, there’s a lot more responsibility as far as getting the mission accomplished,” Giordano told CNBC. 

Right now, it's unclear where each plane will go. Spirit had reduced its number of crafts in recent years to save money. Some of the planes may be sold for parts, including engines that weren't part of the major Pratt & Whitney recall. 

Aircraft Engine Values Continue Rising

CNBC notes that, according to aviation consulting firm IBA Group, a Pratt & Whitney PW1127G engine was going for $14.5 million in January, up from $11.3 million three years ago. 

Because of supply chain shortfalls caused by COVID, secondhand parts have seen their value increase.

“The engines that were operational will be very welcomed,” said Stuart Hatcher, IBA’s chief economist. “The turnaround time at the shops is still probably close to double what it should be.”

Giordano said it was "surreal" to fly the last Spirit plane out of the Philadelphia airport, which is near his home.