Spirit Airlines announced its entry into prearranged Chapter 11 bankruptcy with bondholder backing, aiming to convert debt into equity and secure new financing.
Spirit plans to convert $795 million of debt into equity and anticipates emerging from Chapter 11 in early 2025, reassuring passengers about continued operations.
CEO Ted Christie emphasized pride in the Spirit team’s efforts and the commitment to flexible travel options amidst the restructuring process.
In an open letter, Spirit reassured passengers that they could continue booking and flying normally, especially ahead of the important holiday travel period.
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