Spirit Airlines officially emerged from bankruptcy on March 12, marking the completion of a financial restructuring that significantly reduced its debt and secured new financing. The airline, which is headquartered in Dania Beach, initially filed for Chapter 11 bankruptcy protection in November.
As part of its recovery, Spirit announced the addition of 40 new routes, including destinations such as Chattanooga, Tennessee, and Columbia, South Carolina, while also enhancing connectivity between existing locations.
Through this restructuring, Spirit eliminated approximately $795 million in funded debt and received a $350 million equity investment from existing investors. The company believes that these financial changes will strengthen its long-term stability and allow for investments aimed at improving the passenger experience.
Spirit will continue to operate under its current leadership, with Ted Christie remaining as president and CEO. The ultra-low-cost airline has also established a reconstituted board of directors, which now includes six members with extensive experience in finance and the airline industry.
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