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Spirit Airlines to exit bankruptcy
A Bankruptcy Court has approved Spirit Airlines restructuring plan which will see the company exit bankruptcy as a private company.
The Bankruptcy Court for the Southern District of New York green lighted a $795 million funded debt to equity deal.
It will see $350 million in new equity investment and expects to emerge from bankruptcy during the first quarter of 2025.
It will also get a new $300 million revolving credit facility.
“As we move forward, our leadership team remains focused on reducing costs while also advancing our strategic initiatives to transform our guest experience,” said Spirit CEO Ted Christie.
The airline entered bankruptcy in late 2024 after a merger with JetBlue was blocked.
During its bankruptcy reorganization, Frontier Airlines made a new bid for the airline but it was rejected.
Spirit has laid off pilots and other staff and cut underperforming routes.
It says flight operations won’t be affected.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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