Spirit Airlines Successfully Exits Financial Restructuring

Spirit Airlines has officially emerged from its financial restructuring process, significantly reducing its debt and securing new funding to support its long-term growth. The airline completed a consensual restructuring that eliminated approximately $795 million in funded debt, giving the company greater financial flexibility as it moves forward.

As part of the restructuring, Spirit secured a $350 million equity investment from existing investors. This funding will help drive new initiatives aimed at enhancing the guest experience and delivering greater value to travelers. Spirit’s Plan of Reorganization received overwhelming support from a majority of its loyalty and convertible noteholders and was confirmed by the U.S. Bankruptcy Court for the Southern District of New York.

Spirit will continue to operate under the leadership of Ted Christie, who remains President and CEO, along with the existing executive team. The airline is committed to redefining low-cost travel with new high-value options, focusing on innovation and customer satisfaction while working toward profitability.

The company has also restructured its Board of Directors, appointing six industry and financial leaders, including Robert A. Milton, David N. Siegel, and Andrea F. Newman. The board will play a key role in guiding Spirit through its next phase of transformation and growth.

With the completion of the restructuring, Spirit Airlines, Inc.’s previous common stock has been canceled. Newly issued shares are now held by the airline’s new owners and are expected to trade in the over-the-counter market. Spirit also intends to relist its stock on a major exchange as soon as possible.

Ted Christie expressed gratitude to the airline’s employees for their dedication throughout the process. “Despite the challenges we’ve faced, we are emerging stronger and more focused,” he said. “With a renewed financial foundation, we are well-positioned to continue transforming the travel experience for our guests.”