Spirit Airlines Takes Action to Build a Stronger Foundation and Future for America's Leading Value Airline
Spirit Airlines (NYSE American: FLYY) has initiated voluntary Chapter 11 bankruptcy proceedings to implement a comprehensive financial and operational restructuring. The airline will continue normal operations, including flights, ticket sales, and honoring reservations, while undergoing this transformation.
The restructuring plan focuses on four key areas: network redesign to enhance connectivity in focus cities, fleet optimization to match capacity with demand, cost structure improvements, and travel options enhancement through Spirit First, Premium Economy, and Value offerings. The company expects its common stock to be delisted from NYSE American and continue trading over-the-counter, though shares are expected to be cancelled and have no value through the restructuring process.
Spirit will maintain normal operations during this process, with wages, benefits, and vendor payments continuing as usual for services provided after the filing date.Spirit Airlines (NYSE American: FLYY) ha avviato volontariamente una procedura di fallimento ai sensi del Capitolo 11 per realizzare una ristrutturazione finanziaria e operativa completa. La compagnia continuer脿 le normali attivit脿, comprese le operazioni di volo, la vendita dei biglietti e il rispetto delle prenotazioni, durante il processo di riorganizzazione.
Il piano di ristrutturazione si concentra su quattro ambiti principali: ridisegno della rete per migliorare la connettivit脿 nelle citt脿 strategiche, ottimizzazione della flotta per adeguare la capacit脿 alla domanda, miglioramento della struttura dei costi e potenziamento delle opzioni di viaggio attraverso Spirit First, Premium Economy e le offerte Value. La societ脿 prevede che le azioni ordinarie saranno cancellate dalla quotazione su NYSE American e continueranno a trattarsi over-the-counter, sebbene durante la ristrutturazione si preveda che le azioni vengano annullate e non abbiano valore.
Spirit manterr脿 le operazioni ordinarie durante questa fase, con salari, benefit e pagamenti ai fornitori che continueranno regolarmente per i servizi forniti dopo la data del deposito.
Spirit Airlines (NYSE American: FLYY) ha iniciado voluntariamente un proceso de bancarrota bajo el Cap铆tulo 11 para llevar a cabo una reestructuraci贸n financiera y operativa integral. La aerol铆nea continuar谩 con sus operaciones habituales, incluidas las rutas, la venta de billetes y el cumplimiento de las reservas, durante esta transformaci贸n.
El plan de reestructuraci贸n se centra en cuatro 谩reas clave: redise帽o de la red para mejorar la conectividad en ciudades prioritarias, optimizaci贸n de la flota para ajustar la capacidad a la demanda, mejoras en la estructura de costes y ampliaci贸n de opciones de viaje mediante Spirit First, Premium Economy y las ofertas Value. La compa帽铆a espera que sus acciones ordinarias sean excluidas de NYSE American y contin煤en cotizando en el mercado extraburs谩til, aunque se prev茅 que las acciones sean canceladas y no tengan valor durante el proceso de reestructuraci贸n.
Spirit mantendr谩 las operaciones normales durante este proceso, y los salarios, beneficios y pagos a proveedores seguir谩n realiz谩ndose con normalidad por los servicios prestados tras la fecha de presentaci贸n.
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Spirit Airlines (NYSE American: FLYY) a volontairement engag茅 une proc茅dure de faillite sous le chapitre 11 afin de mettre en 艙uvre une restructuration financi猫re et op茅rationnelle globale. La compagnie continuera ses activit茅s normales, y compris les vols, la vente de billets et la prise en charge des r茅servations, pendant cette transformation.
Le plan de restructuration porte sur quatre axes principaux聽: refonte du r茅seau pour am茅liorer la connectivit茅 dans les villes cl茅s, optimisation de la flotte pour adapter la capacit茅 脿 la demande, am茅lioration de la structure des co没ts et renforcement des options de voyage via Spirit First, la Premium Economy et les offres Value. La soci茅t茅 s'attend 脿 ce que ses actions ordinaires soient retir茅es de la cotation sur NYSE American et continuent 脿 锚tre n茅goci茅es de gr茅 脿 gr茅, bien que les actions devraient 锚tre annul茅es et ne plus avoir de valeur dans le cadre de la restructuration.
Spirit maintiendra ses op茅rations normales durant cette p茅riode, les salaires, avantages et paiements aux fournisseurs continuant 脿 锚tre vers茅s normalement pour les services fournis apr猫s la date de d茅p么t.
Spirit Airlines (NYSE American: FLYY) hat freiwillig ein Chapter-11-Insolvenzverfahren eingeleitet, um eine umfassende finanzielle und operative Umstrukturierung durchzuf眉hren. Die Airline wird w盲hrend dieses Prozesses den normalen Betrieb aufrechterhalten, einschlie脽lich Fl眉gen, Ticketverkauf und der Einhaltung von Reservierungen.
Der Restrukturierungsplan konzentriert sich auf vier Hauptbereiche: Neugestaltung des Streckennetzes zur Verbesserung der Konnektivit盲t in Schwerpunktst盲dten, Optimierung der Flotte zur Anpassung der Kapazit盲t an die Nachfrage, Verbesserung der Kostenstruktur sowie Ausbau der Reiseoptionen durch Spirit First, Premium Economy und Value-Angebote. Das Unternehmen erwartet, dass seine Stammaktien von der NYSE American delistet werden und weiterhin au脽erb枚rslich gehandelt werden, wobei im Zuge der Restrukturierung mit einer Streichung der Aktien und deren Wertlosigkeit gerechnet wird.
Spirit wird den normalen Betrieb w盲hrend dieses Prozesses fortsetzen; L枚hne, Leistungen und Zahlungen an Dienstleister werden f眉r nach dem Einreichungsdatum erbrachte Leistungen regul盲r weitergezahlt.
- None.
- Common stock expected to be cancelled and have no value through restructuring
- Planned reduction in presence in certain markets
- Upcoming delisting from NYSE American Stock Exchange
- Significant debt and lease obligations requiring restructuring
Insights
Spirit Airlines files Chapter 11 to restructure operations and finances. Stock expected to be cancelled with no shareholder value.
Spirit Airlines' Chapter 11 bankruptcy filing represents a comprehensive restructuring attempt rather than a mere financial maneuver. This marks the airline's second restructuring effort, with management acknowledging that their previous attempt鈥攆ocused solely on reducing debt and raising capital鈥攚as insufficient to address fundamental operational challenges.
The airline's restructuring strategy has four critical components that signal profound operational changes: (1) network redesign concentrating on profitable focus cities while abandoning underperforming markets, (2) fleet reduction to match capacity with demand, projected to save
What's particularly concerning for investors is the explicit statement that common shares are "expected to be cancelled and have no value" following the restructuring process. The imminent delisting from NYSE American and transition to over-the-counter trading effectively signals the elimination of all shareholder equity.
Spirit's decision to file for bankruptcy protection reflects the challenging competitive landscape for ultra-low-cost carriers caught between premium carriers with greater pricing power and larger low-cost competitors with superior economies of scale. The airline appears to be pivoting from pure growth to a more targeted approach focusing on profitable routes where it can maintain its cost advantage while offering tiered service options.
The retention of multiple specialized advisors鈥攊ncluding restructuring, fleet, and network specialists鈥攊ndicates the complexity of the challenges facing Spirit and suggests that significant changes to route structures, aircraft leases, and overall business model are forthcoming.
Commences voluntary restructuring process to implement financial and operational transformation to redesign network, optimize fleet and realign strategy with evolving marketplace
Flights, ticket sales, reservations and operations continue
DANIA BEACH, Fla., Aug. 29, 2025 /PRNewswire/ --聽Spirit Aviation Holdings, Inc. (NYSE American: FLYY), parent company of Spirit Airlines, LLC ("Spirit" or the "Company"), today announced that it is executing a comprehensive restructuring of the airline to position the business for long-term success. To facilitate the process, the Company has filed voluntary petitions for Chapter 11 in the
Spirit intends to use the Chapter 11 process to implement the broad changes necessary to transition the Company for a sustainable future and position it to deliver the best value in the sky for years to come. The Company has been actively engaged with certain of its largest lessors, secured noteholders and key stakeholders over the past few months as it works to refine its path forward. The Chapter 11 process will provide Spirit the tools, time and flexibility to continue ongoing discussions with all of its lessors, financial creditors and other parties to implement a financial and operational transformation of the Company. The Company is also working productively with its secured noteholders, including with respect to potential financing that may become necessary later in the proceedings.
The Company is filing customary motions with the Court to enable it to conduct business as normal during the restructuring process. Guests can continue to book, travel and use tickets, credits and loyalty points. Wages and benefits will continue to be paid and honored for those employed by the Company, including contractors. Spirit intends to pay vendors and suppliers for goods and services provided on or after the filing date in the ordinary course.
"Since emerging from our previous restructuring, which was targeted exclusively on reducing Spirit's funded debt and raising equity capital, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future," said Dave Davis, President and Chief Executive Officer. "After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our Board of Directors decided that a court-supervised process is the best path forward to make the changes needed to ensure our long-term success. We have evaluated every corner of our business and are proceeding with a comprehensive approach in which we will be far more strategic about our fleet, markets and opportunities in order to best serve our Guests, Team Members and other stakeholders."
"As we move forward, Guests can continue to rely on Spirit to provide high-value travel options and connect them with the people and places that matter most," Davis continued. "On behalf of our Board and leadership, I want to thank our Team Members for their continued dedication, resilience and commitment to delivering a safe, reliable operation and excellent service to our Guests."
Through the restructuring process, the Company expects to double down on its efforts to:
- Redesign its network: Spirit will focus its flying on key markets to provide more destinations, frequencies and enhanced connectivity in its focus cities. The Company will also reduce its presence in certain markets.
- Optimize its fleet size: Spirit will rightsize its fleet to match capacity with profitable demand in line with the redesigned network. This will significantly lower Spirit's debt and lease obligations and is projected to generate hundreds of millions of dollars in annual operating savings.
- Address its cost structure: Spirit will reinforce efforts to build on its industry-leading cost model by pursuing further efficiencies across the business.
- Effectively compete and meet evolving consumer preferences with its three travel options - Spirit First, Premium Economy and Value: Spirit will take full advantage of its lower costs to offer consumers more of what they want - value at every price point. The airline will expand the opportunities for travelers to choose premium options while remaining true to its original mission of making travel more accessible for everyone.
Spirit expects to be delisted from the NYSE American Stock Exchange in the near term as a result of the Chapter 11 filing, and the Company expects that its common stock will continue to trade in the over-the-counter marketplace through the Chapter 11 process. The shares are expected to be cancelled and have no value as part of Spirit's restructuring.
Additional Information
The Company has created a dedicated website for stakeholders to learn about its restructuring process at . Additional information about the Company's Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at or by calling Spirit's restructuring information line at (855) 952-6606 (
Advisors
Spirit is supported by Davis Polk & Wardwell LLP as legal counsel, Debevoise & Plimpton LLP as fleet counsel, FTI Consulting as restructuring, fleet and communications advisor, PJT Partners as investment banker and Seabury Aviation Partners as network advisor.聽聽聽
About Spirit Airlines
Spirit Airlines (NYSE American: FLYY) is committed to safely delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout
Cautionary Statement Regarding Forward Looking Statements
This press release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," and similar expressions intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding Spirit's expectations with respect to operating in the normal course, Spirit's proposed transformation plan, the Chapter 11 process and potential delisting of Spirit's common stock by the NYSE American Stock Exchange and the subsequent trading of Spirit common stock in over-the-counter markets. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, risks attendant to the bankruptcy process, including the Company's ability to obtain court approval from the Court with respect to motions or other requests made to the Court throughout the course of Chapter 11; the effects of Chapter 11, including increased legal and other professional costs necessary to execute the Company's restructuring process, on the Company's liquidity (including the availability of operating capital during the pendency of Chapter 11); the effects of Chapter 11 on the interests of various constituents and financial stakeholders; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of Chapter 11; objections to the Company's restructuring process or other pleadings filed that could protract Chapter 11; risks associated with Spirit's proposed transformation plan; risks associated with third-party motions in Chapter 11; Court rulings in the Chapter 11 and the outcome of Chapter 11 in general; employee attrition and the Company's ability to retain senior management and other key personnel due to the distractions and uncertainties; risks associated with the potential delisting or the suspension of trading in its common stock by the NYSE American Stock Exchange and the subsequent trading of Spirit common stock in over-the-counter-markets; the impact of litigation and regulatory proceedings; and other factors discussed in the Company's Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
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