Spirit Airlines has submitted an 8-K filing to the SEC stating that it’s not filing for bankruptcy at this time, extending its debt refinancing deadline.
Despite avoiding bankruptcy for now, Spirit faces significant challenges, including over $3 billion in debt and a $1.1 billion secured bond due within a year.
After the failed acquisition by JetBlue, which was blocked by the DOJ, Spirit’s shares have plummeted by around 90%, highlighting severe financial distress.
As a response to its financial difficulties, Spirit has cut dozens of routes for November and December, reflecting a strategy to mitigate losses.
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