""Today, Spirit took a proactive step to build a stronger foundation and future for our company," the company said in a letter to customers made public Friday afternoon. "We have voluntarily entered the Chapter 11 restructuring process to ensure the long-term success of our airline." "The most important thing to know is that Spirit continues to operate and offer high-value travel options," the letter added."
"It also told travelers the following: Flights will continue to operate normally. Travelers can use tickets, credits and loyalty points. Customers may continue to benefit from the airline's Free Spirit loyalty program, Saver$ Club perks and credit card terms. Its employees "remain focused on offering you a safe journey, with excellent service and an elevated experience." More information about the carrier's second attempt at a financial overhaul can be found by visiting spiritrestructuring.com."
"The carrier filed its second petition in less than a year in U.S. Bankruptcy Court in the Southern District of New York. Just last week, the Dania Beach-based carrier borrowed the entire amount of a $275 million credit line and won an extension of an agreement with its credit card processor. No immediate reason was given for returning to bankruptcy court. But the carrier posted a net loss of more than $200 million in the second quarter."
Spirit Airlines returned to bankruptcy court to pursue a second Chapter 11 reorganization amid ongoing financial distress. The airline said it voluntarily entered Chapter 11 to build a stronger foundation and ensure long-term success while continuing to operate and offer high-value travel options. Flights will operate normally, travelers can use tickets, credits and loyalty points, and customers retain Free Spirit, Saver$ Club and credit card benefits. Employees remain focused on safety, service and an elevated experience, and more information is available at spiritrestructuring.com. The carrier recently borrowed the full $275 million credit line, extended a processor agreement and reported a second-quarter net loss exceeding $200 million.
Read at Sun Sentinel
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