Related-Party Transactions
 3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
Related-Party Transactions
Related-Party Transactions

The Company licenses the use of its brand name from certain entities affiliated with Virgin Enterprises Limited, a company incorporated in England and Wales (“VEL”). VEL is an affiliate of one of the Company’s largest stockholders, the Virgin Group, which has one designee on the Company's board of directors. The Company paid license fees of $1.6 million and $1.6 million during the three months ended March 31, 2015 and 2014, respectively. The Company has accrued unpaid royalty fees of $1.6 million and $1.8 million at March 31, 2015 and December 31, 2014.
As of March 31, 2015 the Virgin Group, through its affiliates including VX Holdings L.P., owns approximately 19.0% of the Company’s issued and outstanding voting stock and all of the outstanding related-party debt. In order to comply with requirements under U.S. law governing the ownership and control of U.S. airlines, at least 75% of the voting stock of the Company must be held by U.S. citizens and at least two-thirds of the Company's board of directors must be U.S. citizens. U.S. citizen investors own over 75% of the voting stock of the Company, of which Cyrus Aviation Holdings, LLC, the largest single U.S. investor, owns approximately 28.9% as of March 31, 2015.
As of March 31, 2015, 28.8% of the Company’s $137.9 million debt is held by related-party investors. In connection with the 2014 Recapitalization, the Company reduced related-party debt with a carrying value of $728.3 million to $38.5 million. The Company incurred $0.8 million and $9.3 million of related-party interest expense for the three months ended March 31, 2015 and 2014. Commencing in November 2014, the Company began to incur an annual commitment fee on the $100.0 million Letter of Credit Facility issued by the Virgin Group. The fee is equal to 5.0% per annum of the daily maximum amount available to be drawn, accruing on a daily basis from the date of issuance and is payable quarterly. For the three months ended March 31, 2015 the Company recorded $1.4 million in commitment fees in in the accompanying condensed consolidated statement of operations.