When Spirit Airlines filed its Chapter 11 bankruptcy petition in New York last week, one of its top executives offered the court a note of optimism. The troubled South Florida-based airline, said Fred Cromer, an executive vice president and chief financial officer in a court declaration, was entering its financial overhaul process “with an eye towards continuing to deliver low-cost, high-quality service to its loyal customers, and to do so for years to come.” The question is, does the pioneering discounter have enough time to transform its service profile from a maverick bare-bones carrier to a more upscale airline? On approach to one of the busiest Thanksgiving travel seasons in memory, Spirit flew as usual last week after filing a “prearranged” Chapter 11 bankruptcy petition designed to quickly reduce a large chunk of debt in a restructuring deal with lenders that calls for the creditors to take $350 million in newly created equity in the airline.
After Bankruptcy Court, Spirit Sees Future As A Higher Value Airline ‘for Years To Come’
David Lyons, South Florida Sun-Sentinel
Mon, 11/25/2024 - 3:00am
Topics: south florida-based fred cromer thanksgiving prearranged chapter they re march u.s bankruptcy judge sean h lane operating cash new york stock exchange retention bonuses ceo ted christie companies covid-19 frontier airlines jetblue airways sales fort lauderdale-based ga yes we bondholders latin america caribbean encroachment miramar spirit airlines dania beach u.s bankruptcy court mike stocker/south florida sun sentinel government as united states business allegiant air big four delta air lines american airlines united airlines raymond james savanthi syth november december minneapolis-based sun country alaska airlines project bravo august go big go comfy go savvy people lauderdale-hollywood international airport delta president glen hauenstein over company ad hoc groups earlier henry harteveldt atmosphere research san francisco-based nothing another how smith and i dna i spirit chapter new york south florida florida cromer cromer u.s u.s nov stock airlines frontier frontier jetblue jetblue airways airbus telesis u.s in wi-fi delta southwest project bravo go i i harteveldt future years premium filing million financial declaration debt carriers week wrote deal approximately restructuring fares lenders management carrier industry service customers added filed market larger low-cost talks petition services vendors travel employees options customer aircraft pay receive overhaul focus process finance executives transaction seek travelers free destinations officer chief passengers newly creditors boarding offering demand firm top proposed unbundled seeks usual called takeover symbol share flight discounters so-called merger fare effect load holding cities route routes pandemic billion funded profitable note time economy ultra including common drive landlords
BING NEWS:
- After bankruptcy court, Spirit sees future as a higher value airline ‘for years to come’
After experiencing two failed merger deals and now a trip to U.S. Bankruptcy Court, Spirit Airlines says it expects to emerge from Chapter 11 and serve its customers “for years to ...
11/24/2024 - 9:05 pm | View Link - Spirit has turnaround plans but must act quickly
Spirit says its prearranged Chapter 11 bankruptcy proceeding will position the airline for long-term success. But analysts say Spirit will need to quickly stem its losses to survive.
11/23/2024 - 5:08 am | View Link - Spirit Airlines Files for Bankruptcy: What It Means for Travelers and the Future of Budget Air Travel
Spirit Airlines, a leading U.S. budget carrier, has filed for Chapter 11 bankruptcy protection in an effort to restructu ...
11/20/2024 - 3:20 am | View Link - Can I still fly on Spirit Airlines? What flyers should know after company files bankruptcy
The airline listed its estimated assets and liabilities in the range of $1 billion to $10 billion each, according to a court filing on Monday.
11/19/2024 - 2:09 am | View Link - Spirit Airlines CFO faces ‘uphill battle’ as airline navigates Chapter 11 process
The largest U.S. budget airline, Spirit, announced on Monday it has filed for Chapter 11 bankruptcy protection. The company hopes to turn things around—and its new CFO will be front and center in that ...
11/18/2024 - 11:30 pm | View Link - More
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