Spirit Aviation Holdings, Inc. (FLYYQ): going-concern / distress — Spirit Airlines bankruptcy plan confirmed; existing common stock canceled, $350M new equity

Spirit Aviation Holdings, Inc.

Bankruptcy court confirmed reorganization plan on Feb 20, 2025; emergence expected in weeks.
$795M of funded debt equitized; $350M new equity investment via backstopped rights offering.
Existing common stock canceled with no recovery; 109.5M shares outstanding as of Feb 19, 2025.
$840M new senior secured debt issued to bondholders; $300M revolving credit facility to be entered.
Vendors, lessors, secured aircraft holders unimpaired; operations continue normally.

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

As previously disclosed, on November 18, 2024, Spirit Airlines Inc. (the “Company”), and subsequently on November 25, 2024, its subsidiaries (such subsidiaries and the Company, each a “Debtor,” and collectively, the “Debtors”), each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).

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Spirit Aviation Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950103-25-002262

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