Spirit Airlines has filed for Chapter 11 bankruptcy protection, aiming to restructure its $795 million debt while navigating challenges from the pandemic and failed acquisition attempts.
After losing over $2.5 billion since the onset of the pandemic and with over $1 billion in debt payments looming, Spirit's situation necessitates significant restructuring efforts.
CFO Fred Cromer is focused on guiding Spirit through bankruptcy, which will likely require capacity cuts and workforce reduction to improve business results.
Morningstar analyst Nic Owens pointed out that improving Spirit's financial health amidst challenges will be 'very difficult,' emphasizing the need for operational changes.
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