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.

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