US EditionPublished • loading... • Updated
Spirit Airlines gets up to $475 million financing amid bankruptcy process
Spirit Airlines secured up to $475 million in debtor-in-possession financing, with $200 million immediately available pending court approval during its Chapter 11 restructuring.
- On Tuesday, Spirit Airlines negotiated debtor-in-possession financing of up to $475 million with existing bondholders to support operations during its Chapter 11 restructuring.
- Amid its Chapter 11 process, Spirit Airlines is advancing its restructuring with up to $475 million in DIP financing, after recent operational cuts including halting 40 routes.
- The company has interim access to $120 million liquidity, agreed to reject leases on 27 aircraft, and secured a $150 million payment from AerCap.
- DIP financing is subject to court approval, and Spirit Airlines expects $200 million immediate availability if the court approves, with a court hearing on October 10.
- The company expects to announce agreements with additional lessors about new liquidity and fleet rationalization, focusing on planned deliveries of 30 future aircraft and 36 Airbus planes due for delivery between 2027 and 2028.
Insights by Ground AI
12 Articles
12 Articles
Spirit Airlines secures $475 million lifeline from creditors amid second Chapter 11 filing - WSVN 7News | Miami News, Weather, Sports
FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT, FLA. (WSVN) - Spirit Airlines has secured a crucial $475 million deal from several creditors as it enters its second Chapter
·Miami, United States
Read Full Article
Spirit Lines Up $475M DIP, Expects $150M From AerCap Deal - Law360 Bankruptcy Authority
Spirit Airlines has lined up $475 million in Chapter 11 financing, its attorney told a New York bankruptcy judge Tuesday at a hearing in which he also shared that its largest lessor, AerCap, would be giving the debtor $150 million in cash as part of a recently announced deal.
·New York, United States
Read Full Article
Spirit Airlines gets up to $475 million financing amid bankruptcy process
Spirit Airlines has negotiated funding of up to $475 million with existing bondholders to support normal business operations during its Chapter 11 restructuring, its parent company said on Tuesday.
·United Kingdom
Read Full Article
Coverage Details
Total News Sources12
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
Factuality
To view factuality data please Upgrade to Premium
