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Spirit shares soar on debt refinancing extension
Cash strapped Spirit Airlines has been given a temporary lifeline.
The low cost carrier secured a two-month extension of its debt refinancing.
It sparked a surge in its share price, soaring by as much as 65%.
The US Bank National Association deal was set to expire today.
The airline now has until December 21 to refinance the $1.1 billion of loyalty bonds.
Spirit said in a filing it is still in ‘active and constructive discussions’ with bondholders about the maturities.
The company has posted losses for five of the last six quarters and a proposed takeover by JetBlue was recently blocked.
Even with the share price bump, its value is still down about 90% this year.
Spirit has taken drastic steps to cut costs – downgrading some pilots and offering flight crew unpaid voluntary leave.
It has paused new recruitment.
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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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