MRO Update: Lessors reach out to part-out firms over rejected Spirit aircraft

Ishka has received further confirmation that lessors with rejected Spirit Airlines aircraft are in talks with part-out firms as they debate whether or not to sell the assets for tear down.

Ishka reported in October that several lessors were mulling whether to part-out some of their ex-Spirit GTF-powered A320neos rejected by the airline as part of its ongoing Chapter 11 bankruptcy, and spoke to part out sources about the potential impact on A320neo part out airframe prices (see Insight).

Earlier in October 2025, US carrier Spirit Airlines filed a court motion to reject 87 Airbus A320-family aircraft leased from 16 different entities, comprising 67 A320neo-family jets and 20 A320ceos (see full breakdown). Many of the engines on these aircraft are understood to require some level of overhaul.  

This year alone, there have been 19 A320neos parted out, according to Ishka research. Last week Dublin-based EirTrade Aviation concluded the acquisition of two six-year-old A320neo aircraft which it will part out (MSNs 8414 and 8570). The aircraft are powered by PW1127 GTF engines which EirTrade is now looking to sell while the airframes will be disassembled at the firm’s facility in Knock. Ishka understands that the aircraft are two ex-IndiGo aircraft that were owned by Novus and sold to EirTrade (see table below).

The Ishka View:  To date most of the A320neo family aircraft heading to part-out have either previously been operated by Indian carriers IndiGo or Go First but part-out sources are confident that some ex-Spirit A320neos will join that list. One part-out source told Ishka that he thinks there might be as many as 10 A320neos sold to the part-out market in the first half of next year, including some aircraft potentially from IndiGo.

Scrapping young A320neos makes grim economic sense for many of the lessors impacted. Long overhaul and induction times mean it could be the best part of two years before a lessor could reasonably expect to remarket some of these ex-Spirit A320neos. A320neo airframe prices have likely dropped from the start of last year but lessors will still likely receive $9 million or $10 million for the airframe. This allows lessors to instantly monetise the asset, pay to overhaul the engines, and then lease or sell the engines when they come out of overhaul.

 

 Warburg Pincus buys Asian MRO and parts firm Topcast

US PE firm Warburg Pincus has acquired Topcast Aviation Supplies Company Limited (Topcast), the largest independent distributor of civil aviation parts and Maintenance, Repair, and Overhaul (MRO) service provider in Asia Pacific.

Founded in 1991 and headquartered in Hong Kong, Topcast offers integrated solutions to the civil aviation industry, including the distribution of aircraft parts and consumables, buyer-furnished equipment (BFE), Original Equipment Manufacturer (OEM) services, and repair and maintenance support.

Warburg Pincus completed the sale of its controlling stake in engine lessor, Aquila Capital, to Wafra, a New York-based alternative asset manager in December 2024.

The Ishka View: It is no secret that PR firms have been eying the commercial aircraft MRO space, and Warburg’s deal follows investments from other large PE firms and money managers in the last two years. Warburg has a strong track record in aviation investments. In addition to Acquila Capital, the firm has acquired and sold a number of aviation firms raging from airline digital retail software provider Accelya to software and compliance firm CAMP Systems, as well as parts and component providers such as Consolidated Precision Products, TransDigm, and Wencor.

 

AELS founder releases music track following cancer diagnosis

Part out firm AELS (Aircraft End-of-Life Solutions) founder Derk-Jan van Heerden has released a song about his life and love of aviation. Van Heerden produced it in response to a brain cancer diagnosis, with the help of a number of friends. Titled ‘Die Twice’, the song’s lyrics blend a moving reflection on his mortality with the metaphor of a last flight.

Confronted with the end of his own life, the aircraft end-of-life expert had to adjust to his new reality. “I decided to have as much fun as possible. Do things with friends and family, attend international events to meet up with my friends in the aviation industry, and take up running again.”

Van Heerden served on the board of AFRA (Aircraft Fleet Recycling Association) as president. Following his diagnosis, he founded Aethos, a non-profit dedicated to improving aircraft materials recycling. Ishka's SAVi recently published a report on aircraft recyling which featured Aethos (see report:" Briefing: What is holding back fully-recyclable aircraft?). ‘Die Twice’ is available today on Spotify, Apple Music and YouTube. 

 

 

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