"The cost reductions planned so far are not enough," said VW chief financial officer Arno Antlitz. "We need to fundamentally change our business model and achieve structural, sustainable improvements - in all areas and at all levels. If we fail to do that, we will jeopardise our future."
But now, according to a motion and an affidavit filed in U.S. Bankruptcy Court in New York, Spirit management and AerCap have resolved their disagreements and placed the airline on a clearer path toward restructuring its finances and slimming down its fleet. As part of the deal, AerCap would deliver an unspecified cash infusion to Spirit. The amount of cash involved is unknown as the figure is blacked out in the court filings, which are heavily redacted for competitive reasons.