Spirit Airlines CFO faces ‘uphill battle' as airline navigates Chapter 11 process [Fortune]
JetBlue Airways Corporation (JBLU)
Last jetblue airways corporation earnings: 1/23 07:00 am
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Source: Fortune
The company hopes to turn things around—and its new CFO will be front and center in that effort. On the financial front, Spirit said it's working to restructure and reduce its debt, and that it has received backstopped commitments for a $350 million equity investment from existing bondholders, and will complete a deleveraging transaction to equitize $795 million of funded debt. The bondholders are also providing $300 million in debtor-in-possession financing. Spirit has struggled to overcome the slowdown in travel due to the pandemic. There was also the ill-fated attempt to sell the airline to JetBlue, which was blocked in federal court. Since the start of 2020, the airline has lost more than $2.5 billion and will face emerging debt payments totaling more than $1 billion over the next year. The Chapter 11 news comes after Spirit said last week that it wouldn't announce its quarterly financial results as the company was focused on talks with bondholders to restructure its debt. I
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JBLU
Earnings
- 10/29/24 - Beat
JBLU
Sec Filings
- 11/13/24 - Form 4
- 11/12/24 - Form SC
- 11/8/24 - Form SC
- JBLU's page on the SEC website