DBT Bureau
Pune, 14 March 2025
Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC, announced that Spirit has emerged from its financial restructuring, completing a consensual, deleveraging transaction that equitizes approximately $795 million of funded debt. With significantly less debt and greater financial flexibility, Spirit emerges as a stronger company better positioned for long-term success.
As part of the restructuring, the Company has also received a $350 million equity investment from existing investors to support Spirit’s future initiatives, including investments to provide Guests with enhanced travel experiences and greater value. Spirit’s Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York, with overwhelming support from a supermajority of the Company’s loyalty and convertible noteholders.
Spirit will continue to be led by Ted Christie, President and Chief Executive Officer, and its existing executive team.
“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 Ted 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. Today, we’re moving forward with our strategy to redefine low-fare travel with our new, high-value travel options.”
Spirit emerges with a reconstituted Board of Directors. In addition to Ted Christie, the Board will include six directors with significant industry and financial leadership experience: Robert A. Milton, David N. Siegel, Timothy Bernlohr, Eugene I. Davis, Andrea Fischer Newman, and Radha Tilton.
Ted Christie continued: “I’m incredibly proud of our Team Members for their continued dedication to our Guests and each other throughout this process. Despite the challenges we’ve faced as an organization, we’re emerging as a stronger and more focused airline. On behalf of the executive team, I would also like to thank our outgoing board members for their contributions and invaluable service to our airline.”
Upon Spirit’s emergence, the common stock issued by Spirit Airlines, Inc. was cancelled. Newly issued shares now held by Spirit’s new owners are expected to trade in the over-the-counter marketplace. The Company expects to re-list its shares on a stock exchange as soon as reasonably practicable after the Effective Date of Spirit’s Plan of Reorganization.
