Spirit counts cost of GTF issues; GE Aerospace becomes independent company

Spirit Airlines disclosed at the end of last week that it had entered into an agreement with International Aero Engines (IAE), an affiliate of Pratt & Whitney (P&W), which manufactures the PW1100G-JM geared turbo fan (GTF) engine, to secure compensation for each Spirit A320neo that has been rendered operational due to the issues with the engine. In July 2023, P&W announced that it had determined that a rare condition in the powdered metal used to manufacture certain engine parts would require accelerated inspection of the PW1100G-JM GTF fleet, which powers the A320neo aircraft. Pratt & Whitney notified Spirit that nearly