{"id":169490,"date":"2024-11-18T12:00:34","date_gmt":"2024-11-18T12:00:34","guid":{"rendered":"https:\/?p=169490"},"modified":"2024-11-19T01:18:11","modified_gmt":"2024-11-19T01:18:11","slug":"spirit-airlines-files-for-chapter-11-u-s-bankruptcy","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/11\/spirit-airlines-files-for-chapter-11-u-s-bankruptcy.html","title":{"rendered":"Spirit Airlines files for Chapter 11 U.S. Bankruptcy"},"content":{"rendered":"\n

Spirit Airlines <\/strong>announced Monday that it is filing for Chapter 11 of the U.S. Bankruptcy after struggling with years of losses, failed merger attempts and heavy debt levels.<\/p>\n\n\n\n

The Florida-based airline said it had pre-arranged a deal with its bondholders to restructure its debts and raise money to help it operate during the bankruptcy process, which it expects to exit in the first quarter of 2025.<\/p>\n\n\n\n

The carrier said it expected to continue operating its business as normal through the proceedings and customers could book and fly without interruption.<\/p>\n\n\n\n

The Chapter 11 process will not impact wages or benefits of its employees, it said. Its vendors and aircraft lessors will also continue to be paid and will not be impaired, it added.<\/p>\n\n\n\n

\u2192 Spirit Airlines celebrates 20 years of service in Dominican Republic with special fares<\/a><\/em><\/strong><\/p>\n\n\n\n

The company said it expected to be delisted from the New York Stock Exchange in the near term, and that its shares would be canceled and have no value as part of the restructuring.<\/p>\n\n\n\n

It is the first major U.S. airline to file for Chapter 11 in more than a decade, after a proposed $3.8 billion merger with JetBlue Airways collapsed in January.<\/p>\n\n\n\n

Intense competition among U.S. carriers for price-sensitive leisure travelers as well as an oversupply of airline seats in the domestic market hit Spirit’s pricing power. Its average fare per passenger was down 19% on a year-on-year basis in the first half of this year from a year earlier.<\/p>\n\n\n\n

.With information from Reuters<\/p>\n\n\n\n

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