secwatch.observer — SEC 8-K summary
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Issuer:     Spirit Aviation Holdings, Inc. (FLYYQ)
CIK:        0001498710
Form:       8-K15D5
Filed at:   2025-03-13T23:59:59+00:00
Accession:  0000950103-25-003365
Event type: other_material
Sentiment:  neutral
Materiality: 0.95
Item codes: 1.01, 1.02, 2.03, 3.02, 3.03, 5.03, 5.01, 5.02, 1.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Spirit emerges from Chapter 11 with $300M facility, $840M notes, new equity and board
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- Emerged on March 12, 2025; old common stock cancelled; new parent Spirit Aviation Holdings formed.
- $300M exit revolving credit facility (undrawn, $275M available) matures 2028; rates SOFR+3.25% or base+2.25%.
- $840M PIK toggle senior secured notes due 2030 at 12% (8% cash, 4% PIK) or 11% all cash.
- 24.3M warrants issued at $0.0001 per share; rights offering raised $296M; backstop equity raised $53.9M.
- Board reconstituted: Edward Christie remains CEO; seven prior directors removed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498710/000095010325003365/0000950103-25-003365-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498710/000095010325003365/dp226079_8k15d5.htm
  HTML page:      https://secwatch.observer/filing/0000950103-25-003365

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