Overview

• Spirit Airlines filed for Chapter 11 bankruptcy this week, aiming to restructure and emerge by spring 2025.
• CEO Ted Christie received a $3.8 million retention bonus just days before the bankruptcy filing, contingent on staying with the company for a year.
• Additional retention bonuses were awarded to other top executives, including the CFO, COO, and CIO, to ensure leadership stability during the restructuring process.
• The airline's stock was delisted from the New York Stock Exchange, rendering shares held by executives effectively worthless.
• Spirit Airlines has struggled with mounting debt, shifting travel demand, and operational challenges since the pandemic, losing over $2.5 billion since 2020.