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Spirit Airlines

All articles tagged with #spirit airlines

business1 day ago

Spirit Airlines Sets Stage for Emergence with Creditors’ Agreement

Spirit Airlines announced it reached an agreement in principle with its DIP lenders and secured noteholders on key restructuring terms, paving the way to emerge from Chapter 11 in late spring or early summer as a leaner, low‑cost carrier with a substantially reduced debt load (about $2.1B post‑emergence from roughly $7.4B pre-filing), an optimized network, expanded premium offerings, and enhanced loyalty programs, while continuing to book and travel as normal.

via Spirit Aviation Holdings, Inc.|
#business#chapter-11#creditors
Spirit Airlines wins creditor deal to exit bankruptcy as a leaner, independent carrier
business1 day ago

Spirit Airlines wins creditor deal to exit bankruptcy as a leaner, independent carrier

Spirit Airlines has struck a creditor agreement to exit bankruptcy later this spring or early summer, shrinking into a leaner, independent carrier after selling assets and cutting staff. The plan aims to slash debt and operating costs, with nearly 40% fewer flights and seats planned for this summer, preserving competition and keeping fares lower after previous merger attempts with Frontier and JetBlue fell through.

via CNN|
#airline-industry#bankruptcy#business
Spirit in Talks with Castlelake for a Takeover as it Seeks Bankruptcy Exit
business1 month ago

Spirit in Talks with Castlelake for a Takeover as it Seeks Bankruptcy Exit

Spirit Airlines is negotiating with investment firm Castlelake for a potential takeover as it seeks to exit Chapter 11 bankruptcy, following earlier talks with Frontier over a merger and a prior JetBlue bid; Castlelake has aviation financing experience and Spirit has recently secured additional funding while weighing a standalone reorganization or strategic transaction, all while cutting flights and obtaining wage concessions from unions amid industry pressures.

via CNBC|
#aviation-finance#bankruptcy#business
Bondholders Urged to Fund Spirit’s Turnaround to Save South Florida Jobs
business1 month ago

Bondholders Urged to Fund Spirit’s Turnaround to Save South Florida Jobs

Spirit Airlines remains in Chapter 11 as frontline workers have already sacrificed about $100 million in concessions; ALPA leaders are urging major bondholders—including Citadel—to fulfill funding commitments so the restructuring can proceed and Spirit can emerge as a going concern, warning that liquidation would devastate thousands of South Florida jobs and harm the regional economy and air travel competition.

via ALPA|
#alpa#bankruptcy#bondholders
Spirit Airlines Cuts 40 Routes and Furloughs One-Third of Staff Amid Restructuring
business5 months ago

Spirit Airlines Cuts 40 Routes and Furloughs One-Third of Staff Amid Restructuring

Spirit Airlines is suspending about 40 routes, including Hartford and Minneapolis, as part of a 25% reduction in its November schedule to cut costs amid its second bankruptcy in a year. The airline has also furloughed around 1,800 flight attendants and hired Andrea Lusso, a former Amazon Air executive, as vice president of network planning to optimize its operations.

via CNBC|
#bankruptcy#business#cost-reduction