Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, has successfully completed its financial restructuring, reducing approximately US$795 million in funded debt and securing greater financial flexibility for long-term growth. The airline now emerges in a stronger position, better equipped to enhance its services and improve profitability.
As part of this restructuring, Spirit has received a US$350 million equity investment from existing investors. This funding will support future initiatives, including improvements to the travel experience and increased value for passengers. The restructuring plan was confirmed by the United States Bankruptcy Court for the Southern District of New York, receiving overwhelming approval from the company's loyalty and convertible noteholders.
Spirit will continue to be led by its existing executive team, with Ted Christie remaining as President and Chief Executive Officer. The company also introduced a reconstituted Board of Directors, featuring industry and financial leaders Robert A. Milton, David N. Siegel, Timothy Bernlohr, Eugene I. Davis, Andrea Fischer Newman and Radha Tilton.
Ted Christie expressed confidence in Spirit's future, highlighting the airline's commitment to redefining low-fare travel and improving the customer experience. He also praised Spirit's employees for their dedication during the restructuring process.
Following Spirit's emergence, its previous common stock has been cancelled, and new shares are expected to trade on the over-the-counter marketplace. The airline aims to relist its stock on a major exchange as soon as practicable.
