Spirit and JetBlue terminate merger; JetBlue to pay $69M termination fee

Spirit Aviation Holdings, Inc.

Merger Agreement terminated effective March 1, 2024 by mutual agreement.
JetBlue will pay Spirit $69 million in cash by March 5, 2024.
Spirit had already received approximately $425 million in prepayments from JetBlue.
Spirit will continue as a standalone airline, focus on profitability, and assess debt refinancing.
Hired Perella Weinberg & Partners and Davis Polk & Wardwell as advisors; six-month non-solicitation/non-disparagement covenants.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Spirit Aviation Holdings, Inc. terminated Agreement and Plan of Merger with JetBlue Airways Corporation valued at JetBlue will pay $69 million in cash to Spirit. (effective 2024-03-04).

Action: termination
Agreement: merger
Counterparty: JetBlue Airways Corporation
Value: JetBlue will pay $69 million in cash to Spirit.
Effective: 2024-03-04

Exact text from the filing

On March 4, 2024, the Parties entered into a Termination Agreement (the "Termination Agreement"), pursuant to which the Merger Agreement was terminated effective immediately. Under the terms of the Termination Agreement, JetBlue will, no later than 5:00 p.m. ET on March 5, 2024, pay or cause to be paid $69 million in cash to Spirit.

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Source: SEC EDGAR

accession 0001498710-24-000124

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