Spirit Airlines Files For Bankruptcy, to Delist from NYSE (1)

Spirit Airlines files for Chapter 11 bankruptcy protection in New York, according to a court filing.

• Estimated liabilities: $1b-$10b
• Estimated assets: $1b-$10b
• In a separate statement, Spirit Airlines says it has entered into a restructuring support agreement signed by a supermajority of bondholders
  • Gets commitments for $350m equity investment and $300m in Debtor-in-Possession financing from existing bondholders
  • Flights, ticket sales, reservations and all other ops continue as normal
  • Expects to emerge from chapter 11 process in 1Q 2025
  • Expects to be delisted from the New York Stock Exchange in the near term
• NOTE: Spirit Air Downgraded to CC by ...