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1 month ago
Spirit Airlines, Inc. (NYSE:SAVE) shares are trading higher premarket on Monday. The company disclosed a restructuring support agreement (RSA) with a supermajority of its loyalty and convertible bondholders to implement a comprehensive balance sheet restructuring.
The plan aims to reduce debt, enhance financial flexibility, support long-term success, and accelerate investments to improve guest travel experiences and value.
The company’s key measures include a $350 million backstopped equity investment from existing bondholders and the equitization of $795 million in funded debt.
Additionally, bondholders are providing $300 million in DIP financing, complemented by Spirit’s cash reserves and operational cash flow, to support the restructuring process.
Spirit has filed a ...
