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CEO: Sprit Airlines not considering a bankruptcy filing
Spirit Airlines is not mulling a filing for Chapter 11 bankruptcy, its chief executive says.
CEO Ted Christie responded over industry concern the airline will struggle to pay off maturing debt next year.
The merger deal with JetBlue Airways fell through which leaves the airline vulnerable.
It has a $1.1 billion bond due in September 2025 and a $500 million convertible note due in 2026.
However, Christie is bullish about its cost cutting plan, announced after the merger was blocked.
Christie told shareholders: “We are proudly executing to our plan as we’ve exited the merger agreement with JetBlue and are encouraged by the initial results”.
“We are not evaluating a Chapter 11 at this time.”
Spirit has delayed most new aircraft deliveries through 2026 and put 260 pilots on furlough.
The airline is also contending with Pratt & Whitney engine issues which could ground dozens of its planes.
The airline announced chief financial officer Scott Haralson is leaving and Brian McMenamy will act as interim CFO effective from next week.
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