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Spirit said Monday that it has entered a restructuring agreement with its bondholders to reduce the debt on its balance sheet.
The last bankruptcy by a major US carrier ended when American Airlines emerged from Chapter 11 protection and simultaneously merged with US Airways in December 2013.
Spirit Airlines has filed for Chapter 11 bankruptcy protection, the company announced Monday morning.
Spirit Airlines filed for Chapter 11 bankruptcy protection. The budget-travel icon said it will continue to fly.
Spirit Airlines has filed for Chapter 11 bankruptcy protection, it said Monday. The airline will continue to operate as normal, and all tickets remain valid, it added.
Spirit has struggled since its failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and weaker-than-expected sales. The company has faced mounting losses and has been against a deadline to renegotiate $1.1 billion in debt payments due next year.
Spirit Airlines has filed for bankruptcy protection after the pioneer of no-frills travel in the U.S. struggled with a long run of quarterly losses and significant debt, it disclosed on Monday.
Flights, Ticket Sales, Reservations and All Other Operations Continue as Normal Restructuring Support Agreement Already Signed by a Supermajority of Spirit's Bondholders Voluntary Prearranged Chapter 11 Proceedings Commenced to Implement the Agreed Deleveraging and Recapitalization Transactions Receives Backstopped Commitments for $350 Million Equity Investment and $300 Million in Debtor-in-Possession Financing from Existing Bondholders; Vendors, Aircraft Lessors and Holders of Secured Aircraft Indebtedness to Be Paid in the Ordinary Course and Will Not be Impaired DANIA BEACH, Fla., Nov. 18, 2024 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today announced that it has entered into a restructuring support agreement (the "RSA") supported by a supermajority of Spirit's loyalty and convertible bondholders on the terms of a comprehensive balance sheet restructuring.
DANIA BEACH, Fla., Nov. 18, 2024 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today issued the following open letter to all Spirit Guests: We are writing to let you know about a proactive step Spirit has taken to position the company for success.
Down 98%, Is It Time to Buy Spirit Airlines Stock?