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Spirit Airlines ( (SAVE) ) has issued an update.
Spirit Airlines has initiated a comprehensive financial restructuring plan under Chapter 11 to reduce debt and enhance financial flexibility, backed by a supermajority of its bondholders. This strategic move includes a $350 million equity investment, a $300 million debtor-in-possession financing, and aims to equitize $795 million of debt. Operations will continue as normal, ensuring no disruption for passengers, while the company’s stock is expected to be delisted. Spirit aims to emerge stronger and more competitive with enhanced travel options by early 2025.
Find detailed analytics on SAVE stock on TipRanks’ Stock Analysis page.