Spirit Airlines leaves its financial restructuring per chapter 11

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Spirit Aviation Holdings, Inc., announced that Spirit has emerged from its financial restructuring under Chapter 11, completing a consensual deleveraging transaction that capitalizes approximately $795 millions of financed debt.

With significantly less debt and greater financial flexibility, Spirit emerges as a stronger company, better positioned for long-term success after completing the Chapter 11.

As part of the restructuring, The Company has also received an equity investment from $350 millions of existing investors to support Spirit's future initiatives, including investments to provide Guests with enhanced travel experiences and greater value. Spirit's Reorganization Plan Confirmed by the United States Bankruptcy Court for the Southern District of New York, with the overwhelming support of a supermajority of the Company's loyalty and convertible bondholders.

Spirit successfully emerges from the Chapter 11

Spirit will continue to be led by Ted Christie, President and Executive Director, and your existing executive team.

“We are pleased to complete our streamlined restructuring and emerge in a stronger financial position to continue our transformation and investments in the Guest experience.”, Mr said. Christie. «Throughout this process, We have continued making significant progress improving our product offers, while also focusing on returning to profitability and positioning our airline for long-term success. Hoy, “We are moving forward with our strategy to redefine low-cost travel with our new high-value travel options.”.

Spirit emerges with a reconstituted board of directors. In addition to Mr.. Christie, The Board will include six directors with significant industry experience and financial leadership: Robert A. Milton, David n. Siegel, Timothy Bernlohr, Eugene I. Davis, Andrea Fischer Newman y Radha Tilton.

Mr. Christie continued: "I am incredibly proud of our Team Members for their continued dedication to our Guests and each other throughout this process.". Despite the challenges we have faced as an organization, we are emerging as a stronger and more focused airline. In the name of the Executive Team, I would also like to thank our outgoing board members for their contributions and invaluable service to our airline.".

After Spirit, common actions issued by Spirit Airlines, Inc. They were canceled. Newly issued shares, Now in the hands of the new Spirit owners, expected to trade over-the-counter. The Company expects to relist its shares on a stock exchange as soon as reasonably practicable after the Effective Date of the Spirit Reorganization Plan.

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