Retail investors interested in the world of turbulent airline stock will soon have a familiar name again as Spirit Airlines will be listed on the NYSE American Exchange starting April 29th, the company announced Thursday.
“Listing common stock in NYSE American is a key next step in continuing transformation of the spirit as we focus on returning to profitability and continuing to focus on airline positioning for long-term success.” Veteran industry executives have recently joined Sun Country Airlines.
Spirit stocks will be displayed under the symbol fly. It was traded under symbol save while on the New York Stock Exchange before the company filed for Chapter 11 bankruptcy protection on November 11 last year, and then acquired SAVEQ after being demoted to commercial trading.
According to the New York Stock Exchange website, NYSE American is designed for growing companies and “gives investors a bigger choice of how to trade.” This list will increase stock visibility and attract more investors.
When the South Florida-based spirit filed Chapter 11, management made clear in the existence of court-supported restructuring that it wiped out the holdings of ordinary shareholders and that existing stocks would be cancelled.
The lawsuit angered many shareholders who wrote letters of protest to the U.S. Bankruptcy Court in New York and demanded some compensation. However, under US bankruptcy laws, owners of common stock are rarely considered if the broken company loses its net worth.
In March, spirit emerged from Chapter 11, executives said, “There is a significant reduction in debt and increased financial flexibility.” As part of the restructuring, Spirit received $350 million in equity investments from existing investors.
Some of Spirit’s largest bondholders have become shareholders including Citadel Advisors, Pacific Investment Management Co., Western Asset Management Co., AllianceBernstein LP, Arena Capital Advisors and LLC.
Original issue: April 24, 2025, 3:48pm EDT
