Spirit Airlines, Inc. is an American ultra-low-cost airline founded in 1983 and headquartered in Dania Beach, Florida. It operates scheduled flights throughout the United States, the Caribbean, and Latin America.
According to reports, Spirit Airlines has filed for Chapter 11 bankruptcy protection, citing significant financial challenges and years of losses. The company expects to operate normally throughout this process and assured its customers that flights will operate as usual; tickets, credits, and loyalty points will remain valid.
The report further mentions that the company has received commitments of $350 million USD in equity investment as it aims to reduce its debt load by $795 million USD via a debt/equity swap transaction and increase financial flexibility.
