{"id":1502966,"date":"2024-11-18T15:45:00","date_gmt":"2024-11-18T20:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1502966"},"modified":"2024-11-18T15:45:00","modified_gmt":"2024-11-18T20:45:00","slug":"game-over-spirit-air-files-bankruptcy","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/game-over-spirit-air-files-bankruptcy\/1502966\/","title":{"rendered":"Game Over: Spirit Air Files Bankruptcy\u00a0"},"content":{"rendered":"

Game Over: Spirit Air Files Bankruptcy\u00a0<\/span><\/p>\n

\n

Spirit Airlines entered into a restructuring support agreement with its convertible bondholders as part of a comprehensive balance sheet restructuring. This move follows a failed merger with JetBlue Airways and years of mounting losses.<\/p>\n

In connection with the\u00a0restructuring support agreement,\u00a0Spirit received a\u00a0$350 million equity investment from existing bondholders and will undergo a complete\u00a0deleveraging transaction to equitize $795 million of funded debt.\u00a0<\/p>\n

Spirit filed for Chapter 11 in the US Bankruptcy Court for the Southern District of New York to move forward with restructuring, listing\u00a0assets and liabilities of between $1 billion and $10 billion.\u00a0<\/p>\n

In early October, Spirit explored bankruptcy<\/a> as it attempted to\u00a0renegotiate $1.1 billion in debt with its credit card processor, which was due next year, or risk\u00a0losing the ability to process those transactions.\u00a0<\/p>\n

Game over<\/p>\n

Spirit Airlines Explores Bankruptcy Filing: WSJ https:\/\/t.co\/TCpVkPFbVX<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) October 3, 2024<\/a><\/p>\n

Spirit is the first\u00a0major US airline to file for bankruptcy since\u00a0American Airlines 13 years ago.<\/p>\n

The onset of financial turmoil for the budget airlines came when the Biden administration blocked the Spirit-Jet Blue deal earlier this year.\u00a0<\/p>\n

In mid-January,\u00a0TD Cowen analyst Helene Becker said the failed merger<\/a> would only result in bankruptcy.\u00a0<\/p>\n

“End Of This Merger”: Analyst Warns Of Potential Spirit Airlines Bankruptcy https:\/\/t.co\/9PYzBoYV3B<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) January 17, 2024<\/a><\/p>\n

Biden admin: Spirit Airlines takeover will harm consumers; Jetblue deal is blocked.<\/p>\n

6 months later: Spirit liquidates, its airplanes are sold for pennies on the dollar, 12,000 employees lose their jobs, and remaining airlines crank prices even more.<\/p>\n

\u2014 zerohedge (@zerohedge) January 17, 2024<\/a><\/p>\n

And in March.\u00a0<\/p>\n

Nothing Left To SAVE: Spirit Plummets After Jetblue Terminates Acquisition As Bankruptcy Looms https:\/\/t.co\/PxHZ08Ca1c<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) March 4, 2024<\/a><\/p>\n

Spirit CEO Ted Christie told investors and travelers this AM in a statement,\u00a0“The most important thing to know is that you can continue to book and fly now and in the future.”\u00a0<\/p>\n

Spirit Airlines begins the day entering Chapter 11 bankruptcy proceedings. The airline will continue to operate as it restructures its business and finances. pic.twitter.com\/cpyAhN40VK<\/a><\/p>\n

\u2014 Flightradar24 (@flightradar24) November 18, 2024<\/a><\/p>\n

Last week, Spirit delayed its\u00a0quarterly financial results, noting progress toward an agreement to protect creditors and customers.\u00a0<\/p>\n

In premarket trading in New York, shares of Spirit were higher by 4%, around $1.12. On the year, shares have plummeted 93% as of Friday’s close. The float is 34.7% short.\u00a0<\/p>\n

<\/a><\/p>\n

End of an era.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 11\/18\/2024 – 10:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/game-over-spirit-air-files-bankruptcy<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Game Over: Spirit Air Files Bankruptcy\u00a0 Spirit Airlines entered into a restructuring support agreement with its convertible bondholders as part of a comprehensive balance sheet…<\/p>\n","protected":false},"author":0,"featured_media":1502967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1502966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1502966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1502966"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1502966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1502967"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1502966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1502966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1502966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}