Spirit Airlines’ collapse into bankruptcy for the second time in less than a year wasn’t the product of a bad faith restructuring or unreasonable financial projections, a court-appointed bankruptcy examiner concluded.
Spirit Aviation Holdings Inc.'s filing for bankruptcy in August wasn’t reasonably foreseeable at the time the company emerged from Chapter 11 as a reorganized budget carrier just five months beforehand, examiner Marc Heimowitz said in a 140-page report filed Monday with the US Bankruptcy Court for the Southern District of New York.
The airline’s return to bankruptcy court after a narrowly tailored restructuring that cut about $795 million in ...
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