Overview

• Spirit Airlines has emerged from Chapter 11 bankruptcy after converting $795 million in debt into equity and securing a $350 million equity investment from existing investors.
• The airline's restructuring plan was approved by the U.S. Bankruptcy Court, with strong support from its creditors, and aims to position Spirit for long-term profitability.
• Spirit rejected multiple takeover bids from Frontier Airlines, reaffirming its commitment to an independent turnaround strategy.
• The airline is shifting its focus from price-sensitive travelers to affluent customers, introducing tiered pricing with bundled amenities such as larger seats, priority boarding, and internet access.
• Spirit plans to relist its newly issued shares on a stock exchange, though they will initially trade over-the-counter after the cancellation of its previous common stock.