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Sprit Airlines files for bankruptcy
Spirit Airlines has finally confirmed it has filed for bankruptcy protection.
It marks an inevitable step after years of struggle since the pandemic and a failed merger attempt with JetBlue.
The airline has reached a temporary deal with its bondholders for debtor-in-possession financing worth about $300 million to see it through the debt restructuring process.
It expects to exit bankruptcy proceedings by early 2025.
It expects to operate as close to normal as possible during the process.
“The most important thing to know is that you can continue to book and fly now and in the future,” Christie said in a letter to customers.
In the filing the low cost airline notes it has assets of about $1 billion but liabilities of ten times that.
It is the first major US carrier to go into Chapter 11 for more than a decade.
The airline’s share price has tanked by 90% this year.
Shares will be delisted from the NYSE.
Spirit recently said it was in talks with Frontier Airlines again over a possible merger but discussions broke down.
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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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