Spirit comes from bankruptcy, emphasizing high value

Spirit Aviation Holdings Inc., based in Dania Beach, Florida, announced in mid-March that the company has emerged successfully from Chapter 11 bankruptcy and financial restructuring that began last November. The restructuring converts approximately $795 million in capital debt into equity and receives $350 million in equity investment from existing investors to support future plans designed to enhance the guest experience. Over the past year, the company has gone to great lengths to grow its brand from “no currency” to “high value” and plans to continue these efforts as it goes beyond the Chapter 11 document. Its restructuring plan was supported by the vast majority of the company’s investors and holders of convertible notes, and was confirmed by the Southern District Bankruptcy Court of New York.

Ted Christie continues as president and CEO, leading the existing executive team, and the company’s board has been reorganized to include six members with significant industry and financial leadership experience: Robert A. Milton.

“We are delighted to complete the streamlined restructuring and emerge with a stronger financial position to continue our transformation and investment in our guest experience,” Christie said in a prepared statement. “Over the whole process, we continue to make meaningful progress to enhance our product offerings while also focusing on restoring profitability and positioning our long-term successful airlines. Today, we are adopting our strategy to redefine low-travel using our new high-value travel options.”

Spiritual initiatives to reinvent high-value airlines plans with its “Just Go” supply launched last August. With “Just Go”, passengers can choose from four different packages: GO large, comfortable, savvy, and then go, which includes tiered facilities such as super comfortable seating, blocked middle seating and checked luggage, among others.

After the bankruptcy emerged, the common shares issued by Spirit Airlines were cancelled. Newly issued shares are expected to be traded on the over-the-counter market and are planned to be held on stock exchanges as soon as possible. ​

spirit.com