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NEWS
Spirit Airlines Announces Comprehensive Agreement to Deleverage Balance Sheet and Position the Company for Long-Term Success as a Leading Low-Fare Carrier
Spirit Airlines (NYSE: SAVE) has announced a comprehensive balance sheet restructuring through a prearranged Chapter 11 process. The company has secured a restructuring support agreement (RSA) backed by a majority of bondholders, including a $350 million equity investment and $300 million in debtor-in-possession financing. The restructuring will reduce debt by $795 million through equitization. Spirit will continue normal operations, with flights, reservations, and loyalty programs unaffected. Employee wages and benefits will be maintained, and vendors will be paid as usual. The company expects to emerge from Chapter 11 in Q1 2025, though its NYSE listing will be delisted with common stock expected to have no value post-restructuring.
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