Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, announced that Spirit has emerged from its financial restructuring, completing a consensual, deleveraging transaction that equitizes approximately $795 million of funded debt. With significantly less debt and greater financial flexibility, said the announcement, Spirit emerges as a stronger company that is better positioned for long-term success.
As part of the restructuring, said the announcement, the company has also received a $350 million equity investment from existing investors to support future initiatives, including investments to provide customers with enhanced travel experiences and greater value. Spirit’s Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York with overwhelming support, said the announcement, from a supermajority of the company’s loyalty and convertible noteholders.
Ted Christie, CEO, said that throughout the process, Spirit continued to make meaningful progress enhancing its product offerings, while also focusing on returning to profitability and positioning the airline for long-term success.
Now, he said, “we’re moving forward with our strategy to redefine low-fare travel with our new, high-value travel options.”
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