Spirit Airlines files Chapter 11, plans to cancel common equity, equitize $795M debt

Spirit Aviation Holdings, Inc.

Filed voluntary Chapter 11 on Nov 18, 2024; all flights and operations continue as normal.
RSA signed by ~78.6% of senior secured noteholders and ~84.1% of convertible noteholders.
Plan equitizes $410M in Senior Secured Notes and $385M in Convertible Notes; existing equity canceled with zero recovery.
Backstopped $350M new equity rights offering and $300M DIP financing from existing bondholders.
Vendors, aircraft lessors, and secured aircraft debt holders to be paid in the ordinary course, not impaired.

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