Spirit Airlines Announces Comprehensive Agreement to Deleverage Balance Sheet and Position the Company for Long-Term Success as a Leading Low-Fare Carrier
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Spirit Airlines has announced a restructuring support agreement to deleverage its balance sheet and position itself for long-term success. The company has commenced voluntary prearranged Chapter 11 proceedings and secured $350 million in equity investment and $300 million in debtor-in-possession financing. Operations will continue as normal.
November 18, 2024 | 10:00 am
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Spirit Airlines has initiated a restructuring process under Chapter 11 to reduce its debt and secure $650 million in new financing. Operations will continue unaffected.
The restructuring aims to deleverage Spirit Airlines' balance sheet, which is crucial for its financial health. The secured financing and continued operations suggest stability, but Chapter 11 proceedings can introduce uncertainty, leading to a neutral short-term impact.
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