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On November 18, Spirit Airlines, Inc. officially announced a comprehensive restructuring plan as it initiates proceedings. The airline aims to reduce its debt and ensure the continuation of all operations, including flights and ticket sales.
Option Trip – As part of the restructuring efforts, Spirit has signed a restructuring support agreement, which will significantly reduce its debt and enhance its financial flexibility. The company expects to secure $350 million from bondholders and convert $795 million of funded debt into equity.
Spirit assures its customers that operations will continue without interruption. Employees will retain their salaries and benefits, and the company will still meet its obligations to suppliers. President Ted Christie expressed optimism regarding the restructuring, emphasizing that these changes will strengthen the company.
Spirit anticipates emerging from the streamlined bankruptcy process in the first quarter of 2025 and the delisting of its shares from the New York Stock Exchange. Further information about the proceedings can be found on the website SpiritGoForward.com. The airline is committed to navigating through this challenging situation and aims to emerge stronger by offering affordable travel options and increasing value for its customers.