Spirit Airlines bankruptcy: What to expect from US' biggest budget airline?
Spirit Airlines, the US' biggest budget airline, has filed for bankruptcy protection. Spirit has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year. The airline will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue, AP reported.
The Florida-based airline said it had pre-arranged a deal with its bondholders to restructure its debts and raise money to help it operate during the bankruptcy process, which it expects to exit in the first quarter of 2025.
The carrier said it expected to continue operating its business as normal through the proceedings and customers could book and fly without interruption.
The Chapter 11 process will not impact wages or benefits of its employees, it said. Its vendors and aircraft lessors will also continue to be paid and will not be impaired, it added.
The company said it expected to be delisted from the New York Stock Exchange in the near term, and its shares to be canceled and have no value as part of the restructuring.
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