Summary
Spirit Airlines has filed for Chapter 11 bankruptcy, citing mounting losses, debt, and the failure of its proposed $3.8 billion merger with JetBlue.
Operations, including ticket sales, will continue as normal, with the airline securing $300 million in financing and planning to exit bankruptcy by early 2025.
Spirit has also arranged a $350 million equity investment from bondholders.
Struggling since the pandemic, Spirit deferred $1.1 billion in debt, faced an engine recall, and announced cost-cutting measures, including job cuts and selling older planes.
That’s the spirit!
Plus they had to buy aluminum foil tape the other day to patch up the new speed holes in that one port o prince plane.
I want to catch a glimpse.
I feel like it’s probably better to have more competition in the space, but Spirit and Frontier are godawful.
It was probably their malware infused website.
