Spirit Aviation Holdings, Inc. (FLYYQ): going-concern / distress — 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.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Spirit Aviation Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2024-11-18).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2024-11-18

Exact text from the filing

On November 18, 2024, Spirit filed a petition under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the Bankruptcy Court.

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Spirit Aviation Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950103-24-016405

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