Spirit Airlines announcementó what isá carrying out a new restructuringóIntegral airlineílow Capíleakage 11 to position the business towards élong -term xito.
To facilitate the process, the companyñía has filed a voluntary petition for bankruptcy under the in the US Bankruptcy Court. for the Southern District of New York.
Spirit tiene la intendión to use the process of Capíleakage 11 to implement the extensive changes necessary for the Companyñíto have a sustainable future and be positioned to offer the best value in the sky in the prówe go toños. The Companyñíhas been in contact with some of his biggest landlords, payorsés secured and key stakeholders in the úlast months, as you work to define your path forward. The process of Capíleakage 11 butá a Spirit the tools, the time and flexibility to continue discussions with all your landlords, financial creditors and other parties to implement a transformationófinancial and operational situation of the Companyñía.
Spirit Airlines returns to Capeíleakage 11
The Companyñía isá filing customary motions with the Court to be able to conduct business normally during the restructuring process.ón. Passengers can continue booking, traveling and using your tickets, crédata and loyalty points. Salaries and benefits followán pagáloving and respectingábeing for those who work for the Companyñía, including contractors. Spirit tiene the intentón to pay its vendors and suppliers for goods and services provided from the date of presentationón of the application on a regular basis.
«Since we emerged from our previous restructuringón, that focusedó solely on reducing Spirit's debt and raising capital, It has become evident that there are many más work to do and many moreás tools available to best position Spirit for the future», Dave Davis said., President and Executive Director. «Afterés to thoroughly evaluate our options and consider recent events and market pressures facing our industry, our Board of Directors decidedó that a court-supervised process is the best path forward to make the necessary changes to ensure our élong -term xito. We have evaluated every cornerón of our business and we are proceeding with a comprehensive approach in which we will be much moreás stratumégics regarding our fleet, markets and opportunities to better serve our customers, team members and other interested parties».
A través of the restructuring processón, the companyñíhopes to redouble its efforts to:
- Radishñar su red: Spirit concentrateá its flights in key markets to offer más destinations, frequencies and better connectivity in its main cities. The Companyñíto alsoén reduceá its presence in certain markets.
- Optimize sizeña de su fleet: Spirit adjustá your fleet to match capacity to profitable demand, according to network redesignñada. This will reduceá significantly reduce Spirit's debts and lease obligations and is projected to generate hundreds of millions of dollars.ólares in annual operating savings.
- Address your cost structure: Spirit strengthená your efforts to improve your cost model, líder in the industry, seeking greater efficiency throughout the business.
- Compete effectively and meet changing consumer preferences with its three travel options: Spirit First, Premium Economy y Value: Spirit harnessá al mámaximum its costs más low to offer consumers más what they want: value at every price point. the airíwhat ampliará opportunities for travelers to choose premium options while staying true to their missionóoriginal way to make travel moreás accessible to everyone.
As a result of the application under the Capíleakage 11, It is expected that Spirit be removed from the NYSE American Stock Exchange in the short term, and the companyñíexpects its common shares to continueúlisted on the over-the-counter marketáto (OTC) during the Cap processíleakage 11. The shares are expected to be written off and become worthless as part of the restructuring.ón of Spirit.
Spirit maintains its flights normally
Lo máIt's important that Spirit continúoperating and offering high quality travel options. This means you can continue booking and traveling with Spirit, given that:
- Flights continue to operate normally.
- You can use tickets, crédata and loyalty points.
- You can continue to benefitájoining our Free Spirit loyalty program, the benefits of the Saver$ Club and the conditions of the credit cardséhere.
- Team members remain focused on providing safe travel, with excellent service and a superior experience.
To get máwith informationón about our restructuringófinancial n, visit www.spiritrestructuring.com.
