In keeping with the past five years, 2025 has continued to be an
active time for airline restructurings and liquidations. The two
largest U.S. aviation Chapter 11 proceedings that commenced during
2024, Spirit Airlines and GOL, both concluded during the first half
of 2025 by successfully confirming a Chapter 11 plan of
reorganization. While GOL has thrived since exiting Chapter 11,
Spirit Airlines filed a second Chapter 11 case (commonly referred
to as a "Chapter 22") only a few months later. Regional
airline Silver Airways LLC and its affiliate, Seaborne Airlines,
commenced proceedings under Chapter 11 but saw those cases
converted to liquidations under Chapter 7 only a few months later
when they were unable to effectuate going concern transactions or
obtain sufficient financing to support their operations in
bankruptcy. Brazilian airline Azul began 2025 by closing the latest
of its out-of-court restructurings. However, by the end of May,
only a few short weeks later,
