Spirit Airlines has emerged from its Chapter 11 restructuring, having reduced its debt by approximately $795 million.
Achieving its reduction through a debt-to-equity swap, the ULCC also received a $350 million equity investment from existing investors to support future initiatives. Spirit emerges with a reconstituted Board of Directors, while CEO Ted Christie and its existing executive team remain in place.
“We’re pleased to complete our streamlined restructuring and emerge in a stronger financial position to continue our transformation and investments in the guest experience,” said Christie. “Throughout this process, we’ve continued to make meaningful progress enhancing our product offerings while also focusing on returning to profitability and positioning our airline for long-term success.”
In addition to Christie, Spirit’s Board now has six directors including several longtime airline executives…
