Overview

• The Florida-based carrier sought Chapter 11 protection on Aug. 29 in the U.S. Bankruptcy Court for the Southern District of New York, its second filing in less than a year.
• Spirit says flights, bookings, tickets, credits and loyalty points remain valid and that employees and contractors will continue to be paid during the case.
• Management outlines a court-supervised overhaul that will redesign the route network, shrink the fleet and target cost reductions projected in reports to total hundreds of millions of dollars annually.
• The company is in talks with major lessors and secured noteholders, and it disclosed it could sell aircraft and real estate and pursue additional financing during the proceedings.
• Shares plunged after the announcement and the company expects a delisting from the NYSE American exchange, with over-the-counter trading during bankruptcy and a warning that current equity will likely be cancelled.