Spirit Airlines reported to be in acquisition talks with investment firm

"Last August, Spirit filed for Chapter 11 bankruptcy protection for a second time in less than a year amid creditor pressure and heavy competition from rivals. Since then, the airline has reduced its fleet, offloaded and renegotiated leases, revamped its route network and received $100 million in labor concessions from its unionized pilots and flight attendants. Throughout the process, the airline has actively sought a buyout partner."

"The financial news outlet reported that Castlelake of Minneapolis, an alternative investment firm that last year formed an aviation lending arm, is the suitor. Founded in 2005, the firm has $33 billion in assets under management, and maintains three U.S. offices and six overseas, including in London, Dublin, Madrid, Luxembourg, Dubai and Singapore, according to its website. Castlelake did not immediately respond to an email from the South Florida Sun Sentinel seeking comment."

""We don't comment on market rumors and speculation," a Spirit spokesperson said by email Thursday when asked about the CNBC report. There is no mention of any ongoing takeover discussions in the airline's most recent bankruptcy case files. Despite the reductions, Dania Beach-based Spirit remains No. 1 in market share at Fort Lauderdale-Hollywood International Airport with 28.5%, according to passenger statistics compiled through November by the airport."

Spirit Airlines is reportedly in acquisition talks with Castlelake while operating under Chapter 11 bankruptcy protection. Castlelake is an alternative investment firm founded in 2005 with $33 billion in assets under management and offices across the U.S. and overseas. Spirit declined to comment and Castlelake did not immediately respond to inquiries. Spirit filed for Chapter 11 last August for the second time in under a year and has since reduced its fleet, renegotiated leases, revamped its route network, and secured $100 million in labor concessions while seeking a buyout partner. The airline remains the market-share leader at Fort Lauderdale-Hollywood and has a recent history of failed takeover attempts.

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