Spirit Airlines has emerged from Chapter 11 bankruptcy, completing a financial restructuring that significantly reduces its debt and strengthens its financial position, the company said in a statement on March 12.
The airline, known for its ultra-low-cost model, announced that it has equitized approximately $795 million in funded debt and secured a $350 million equity investment from existing investors. The move is expected to support its long-term stability and fund enhancements to its travel offerings.
The restructuring plan, which received overwhelming approval from Spirit’s loyalty and convertible noteholders, was confirmed by the United States Bankruptcy Court for the Southern District of New York. With the process complete, Spirit moves forward with a streamlined balance sheet and increased financial flexibility….