secwatch.observer — SEC 8-K summary
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Issuer:     Spirit Aviation Holdings, Inc. (FLYYQ)
CIK:        0001498710
Form:       8-K
Filed at:   2024-11-18T23:59:59+00:00
Accession:  0000950103-24-016405
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498710/000095010324016405/0000950103-24-016405-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498710/000095010324016405/dp220813_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-24-016405

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