Spirit files NT 10-Q; Q3 margin down ~12ppts; restructuring talks may cancel equity

Spirit Aviation Holdings, Inc.

Filed Form 12b-25 for delayed Q3 2024 10-Q due to restructuring negotiations with noteholders.
Preliminary Q3 2024: total operating revenues down ~$61M YoY; operating expenses up ~$46M.
Operating margin estimated ~12 percentage points lower than Q3 2023.
Discussions with supermajority of noteholders; if agreement reached, expected to cancel existing equity.
If no deal, company will consider all alternatives; unsecured creditors, employees, lessors not expected to be impaired.

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