JetBlue is shaking up its route network, cutting or changing a dozen less profitable flights across the world.
What Travelers Should Know About the Spirit Airlines Bankruptcy
18.11.2024 - 19:29 / nytimes.com
Spirit Airlines filed for bankruptcy protection on Monday after struggling with a series of losses, but travelers should not panic.
The low-cost carrier, which has not reported an annual profit since 2019 and has lost more than $2.2 billion since the start of 2020, reassured its customers that flights would be taking off as scheduled and travelers could continue to book tickets. Many companies, including major airlines, have emerged from Chapter 11 bankruptcy — a process that allows a company to financially restructure while still operating — on stronger footing.
Spirit’s decision to file for bankruptcy protection comes after it recently failed to renegotiate its debt. It had struggled to capitalize on the recovery from the pandemic, in part because of engine problems and increased competition, and was dealt a blow after a federal judge blocked a planned merger with JetBlue Airways this year.
Here’s what else travelers should know about the bankruptcy filing:
Spirit filed for Chapter 11 bankruptcy protection in New York, which will allow the company to continue to operate as it restructures its debts under court supervision. Often called reorganization bankruptcy, this process grants a company legal protection as it looks to cut costs and reduce its total debt.
Spirit had 25,000 to 50,000 creditors and total debt of about $9 billion at end of September, according to a court filing.
The company said it expected to exit the bankruptcy process in the first quarter of next year. In the meantime, Spirit has an agreement with bondholders to restructure its debts and raise money to help it operate, the company said. The airline insisted it would “emerge even better positioned” after the bankruptcy proceedings wrapped up.
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