Utfordringer for Spirit Airlines -> Ch.11

[OJB]

Sakset fra FlightGlobal i dag :

Spirit at risk of bankruptcy and liquidation as JetBlue deal falls through: TD Cowen

Tue, 16 Jan 2024 23:13:00 GMT

In the wake of a US judge’s decision to block JetBlue Airways’ attempted acquisition of Spirit Airlines, it is unclear how the respective low-cost carriers will chart paths forward.

[Someone]

Litt mer om Spirits problemer

https://airlinegeeks.com/2024/06/13/...a-rigged-game/

Spirit isn’t doing well. The financially ailing airline never quite recovered from the pandemic, losing millions each quarter.

[Someone]

De har jo lenge hatt sine «big seats» foran, men ser ut som de nå skal gjøre det det et lite mer premium produkt med mer inkludert.

https://www.cnbc.com/2024/07/30/spir...t-classes.html

Spirit Airlines is trying to go upmarket with snacks, Wi-Fi and checked bags included

[Someone]

Ryktes de sonderer markedet for å ta en Chapter 11.

https://www.airwaysmag.com/new-post/...uptcy-isnt-bad

According to Wall Street Journal sources familiar with the subject, Spirit Airlines (NK) has been in talks with bondholders about the terms of a prospective bankruptcy filing following its failed merger with JetBlue Airways (B6). The WSJ states that the American ULCC has also considered restructuring its balance sheet through an out-of-court transaction.

[Someone]

Dropper nå Q3 rapporten og fokuserer på samtaler med obligasjonseierne. Dette lukter ch.11 lang vei.

https://bsky.app/profile/byerussell..../3lasas222hk2u

Spirit Airlines notified the market that it won’t file a Q3 10-Q by the due date as “productive” talks with bondholders continue but divert “significant management time and internal resources.”

[Blubird]

Frontier skal ha trukket seg fra samtalene om oppkjøp/fusjon, mulig de fant katter i sekker de ikke burde være i.

[Someone]

Og der kom Chapter 11 annonseringen

https://ir.spirit.com/news-releases/...r/default.aspx

Spirit Airlines Announces Comprehensive Agreement to Deleverage Balance Sheet and Position the Company for Long-Term Successas a Leading Low-Fare Carrier

[OJB]

Sakset fra FlightGlobal i dag :

Spirit Airlines eyes Q1 exit after filing for ‘streamlined’ Chapter 11 restructuring

Mon, 18 Nov 2024 11:14:00 GMT

Struggling US budget carrier Spirit Airlines has filed for a pre-arranged Chapter 11 restructuring process, from which it hopes to emerge in the first quarter of next year having already secured investment commitments from existing bondholders.

[raider66]

Det blir jo i så fall en lynrask Chapter 11-prosess.

[LN-MOW]

Godt planlagt, og de vil nok komme ut som en kule ..

[Someone]

Var et solid tap i Q3

https://airlinegeeks.com/2024/11/25/...-quarter-loss/

Spirit reported a net loss of $308 million for the third quarter, according to a delayed filing with the Securities and Exchange Commission on Monday.

[Someone]

LItt mer om finansiering og jobbkutt.

https://www.ch-aviation.com/news/149...1-exit-funding

Spirit Airlines (NK, Fort Lauderdale International) has secured an agreement from certain prepetition debtholders to provide up to USD300 million in financing once it emerges from Chapter 11 and fulfils certain criteria. CEO Ted Christie also told Spirit's employees in an internal memo this week that 200 of them will lose their jobs.

[Someone]

Da rapporteres de å være ute av ch.11 allerede.

https://bsky.app/profile/wandrme.pax.../3lk7fkwhvbk2x

Spirit Airlines is no longer bankrupt.

The carrier emerged from Ch11 protection today with a recapitalized balance sheet and the same leadership team. And, also, not a merger with Frontier.

[OJB]

Sakset fra Flight Global i dag ;

Spirit Airlines emerges from bankruptcy

Ultra-low-cost carrier Spirit Airlines has completed the Chapter 11 bankruptcy process, with chief executive Ted Christie pledging to focus on continued upgrades to the airline’s products.

Spirit said on 13 March that its restructuring plan has been approved by the US Bankruptcy Court for the Southern District of New York, and that it received “overwhelming support from a super majority” of the company’s stakeholders.

Las Vegas

Source: GingChen/Shutterstock

Christie will continue leading the company into its post-bankruptcy era, parent company Spirit Aviation Holdings confirms.

“Throughout this process, we’ve continued to make meaningful progress enhancing our product offerings, while also focusing on returning to profitability and positioning our airline for long-term success, he says. ”Despite the challenges we’ve faced as an organisation, we’re emerging as a stronger and more focused airline.”

In a series of moves mirrored by other low-cost carriers, Spirit has in recent months made an upmarket bid with new fare bundles and cabin classes, and has axed most add-on fees – previously a major source of revenue.

Spirit filed for bankruptcy in November following a series of poor quarterly performances, with airline analysts suggesting the ULCC had grown its fleet and network too aggressively over the past decade.

Earlier this month, Spirit reported losing more than $1.2 billion in 2024 as it cut passenger capacity across its network, furloughed hundreds of pilots and sold off more than 20 narrowbody Airbus jets.

That comes on the heels of the Florida-based ULCC’s $448 million loss in 2023, and a $554 million loss the year before.

”The increase in pre-tax loss was primarily driven by higher operating expenses,” said Spirit, which also cited high “reorganisation expenses” and reduced revenue for its 2024 troubles.

[Someone]

Litt mer om endringene i Spirits rutenett og strategi.

https://crankyflier.com/2025/03/17/s...ives-us-clues/

Spirit is a much smaller airline than it was even a year ago. In March 2024, the airline flew just over 4.9 million seats on nearly 26,000 flights. This March? It scheduled just under 4.2 million seats on under 22,000 flights. April is down more than 17 percent on seats year-over-year.

[Someone]

Da var sjefen ferdig

https://www.flightglobal.com/strateg...162520.article

Longtime Spirit Airlines chief executive Ted Christie has departed the company, stepping down from his role as CEO on 7 April in a move coming as Spirit navigates an corporate overhaul intended to stem financial losses.