Spirit Airlines officially appeared from bankruptcy on March 12, marking the completion of a fiscal restructuring that significantly cuts its debt and secures new funds. The Dania Beach-based airline first filed for Chapter 11 bankruptcy protection in November.
As part of the recovery, Spirit announced the addition of 40 new routes, including destinations such as Chattanooga, Tennessee and Columbia, South Carolina, to increase connectivity between existing locations.
Through this restructuring, Spirit eliminated approximately $795 million in funding obligations and received $350 million in equity investments from existing investors. The company believes these financial changes will allow investments aimed at enhancing long-term stability and improving passenger experience.
Spirit will continue to work under its current leadership, with Ted Christie remaining as president and CEO. The ultra-low-cost airline has also set up a reconfigured board of directors. This includes six members with extensive experience in the finance and aviation industries.
