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Crucial advance in the Chapter 11: They approve the financing of Spirit Airlines for 475 million and the plan to optimize its fleet.
Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, LLC ("Spirit" or the "Company"), announced today that it has received approval from the Bankruptcy Court of the USA For the South District of New York (the "Court") for a debtor-in-possession multi-trade financing facility («DIP») up to $475 millions of dollars, coming from its current bondholders.
Spirit achieves financing and reorganization of its fleet
What's more, Spirit has received Court approval for the agreement with AerCap Ireland Limited («AerCap»), your largest aircraft lessor. These approvals mark an important milestone in the Company's ongoing restructuring under the Chapter 11 to position Spirit for the future.
DIP financing will provide Spirit additional financial flexibility to support normal business operations during your restructuring. Of the total financing, $200 millions of dollars are immediately available to the Company.
The Court's approval of Spirit's agreement with AerCap includes a payment of $150 million dollars from AerCap to Spirit, la rescisión de 27 aircraft lease agreements and the resolution of all claims and disputes between the parties. The agreement allows the Company to reduce operating costs by hundreds of millions of dollars and provides for the future delivery of 30 aircraft. The Company continues to move forward with other lessors as it pursues its fleet optimization strategy
«We are pleased to have reached another significant milestone in our restructuring, which represents continued progress toward achieving a successful future for Spirit.", Dave Davis said., president and CEO. «With these approvals in force, we are better equipped to build a stronger airline that delivers unmatched value to American consumers. We thank our stakeholders [interested parties] for their support and to the Spirit team for their dedication and resilience during this process.”
Additional information
The Company maintains a website dedicated to its restructuring process at www.spiritrestructuring.com. Additional information about the Chapter case 11 of the Company, including access to documents filed with the Court and other documents related to the restructuring process, It is available at https://dm.epiq11.com/SpiritAirlines or by calling the Spirit Restructuring Information Line at (855) 952-6606 (free call in EE. UU.) o al +1 (971) 715-2831 (international).
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