Spirit Airlines Completes Restructuring, Gets $350m Investment

Spirit Airlines converted about $795m of funded debt into equity in its financial restructuring.

• Company received a $350m equity investment to support its enhanced travel investments
• Spirit’s common stock canceled upon debt emergence
  • Company expects to re-list shares as soon as reasonably practicable
• Current CEO Ted Christie to continue to lead company
• Company to add six board members with industry and financial experience
• Davis Polk & Wardwell LLP is restructuring counsel, Alvarez & Marsal is restructuring adviser, Perella Weinberg Partners LP is investment banker
• NOTE: Feb. 20, Spirit Airlines to Exit Bankruptcy Under Go-Private Deal

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