An emergency spin recovery parachute is presented that is housed within a centrally mounted housing on the aft end of an aircraft and connected to a ring fitting within the housing. Two selectively latching shackles connected to separate towlines are openly disposed adjacent the ring fitting. The towlines extend in opposite directions from the housing along the aircraft wing to attachment points adjacent the wing-tips where the other end of each towline is secured. Upon pilot command, one of the open shackles latches to the ring fitting to attach the towline connected thereto, and a second command signal deploys the parachute. Suitable break-away straps secure the towlines to the aircraft surface until the parachute is deployed and the resulting force on the towline attached to the parachute overcomes the straps and permits the towline to extend to the point of attachment to exert sufficient drag on the spinning aircraft to permit the pilot to regain control of the aircraft. To employ the parachute as a drag chute to reduce landing speeds, both shackles and their respective towlines are latched to the ring fitting
