(18 Nov 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
ARCHIVE: Denver – 15 October 2014
1. Wide of Frontier Airlines plane on tarmac
2. Close-up of plane
3. Wide of plane
4. Mid of tarmac worker walking up baggage loading ramp to plane
ASSOCIATED PRESS
ARCHIVE: Newark, New Jersey – 23 December 2021
5. Wide pan of lines at the Spirit Airlines counter at Terminal B in Newark Liberty International Airport
ASSOCIATED PRESS
ARCHIVE: Los Angeles – 3 August 2021
6. Long lines of travelers wait outside the Spirit Airlines check-in counter at Los Angeles International Airport
7. Spirit cancellations are shown on a flight status screen
8. Travelers at a Spirit Airlines ticket counter
9. Various of travelers waiting outside a Spirit Airlines ticket counter
10. Close up of a Spirit luggage tag
STORYLINE:
Spirit Airlines said Monday that it has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel, stiffer competition from bigger carriers, and a failed attempt to sell the airline to JetBlue.
Spirit, the biggest U.S. budget airline, filed a Chapter 11 bankruptcy petition after working out terms with bondholders. The airline has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion in 2025 and 2026.
The airline said it expects to continue operating normally during the bankruptcy process. Spirit told customers Monday they can book flights and use frequent-flyer points as they ordinarily would, and said employees and vendors would continue getting paid.
The airline said it received commitments for a $350 million equity investment from existing bondholders and will convert $795 million of their debt into stock in the restructured company. The bondholders will also extend a $300 million loan that, combined with Spirit’s remaining cash, will help the airline get through the restructuring.
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