Spirit Airlines files for bankruptcy protection amid growing losses and debt
Spirit Airlines said Monday it has filed for Chapter 11 bankruptcy protection after having struggled with losses, growing debt and afailed mergerduring the post-pandemic travel lull.
The company said in a stock market statement that it had secured a prearranged deal with bondholders that includes $300 million in financing to keep it afloat, with the business planning to end its bankruptcy in the first quarter of 2025.
Ticket sales and all other operations will continue as normal, the company said in the statement just 10 days beforerecord numbers of travelers are expectedto take to the skies over Thanksgiving.
I am pleased we have reached an agreement with a supermajority of both our loyalty and convertible bondholders on a comprehensive recapitalization of the Company, which is a strong v...