Spirit Airlines files for bankruptcy, but flight operations continue [Yahoo! Finance]
Spirit Airlines, Inc. (SAVE)
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Source: Yahoo! Finance
Despite the bankruptcy, the airline will continue its flight operations. Since the start of 2020 the airline has lost more than $2.5 billion and has upcoming debt payments in 2025 and 2026 which total more than $1 billion, according to The Associated Press. The airline's assets and liabilities are listed as being between $1 billion and $10 billion. According to CNBC , Spirit's shares this year have fallen more than 90%. The airline has faced a long line of struggles in the past few years such as “an engine recall that grounded dozens of its jets, a surge in costs after the pandemic, and the failure of its planned acquisition by JetBlue Airways, which was blocked by a federal judge earlier this year on antitrust grounds,” according to CNBC. In an effort to get the airline out of bankruptcy, Spirit's bondholders have committed to $350 million in debtor-in-possession financing, the airline also plans to convert $795 million of the debt into stock, per The AP. Spirit will also
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- Analysis-Spirit Airlines' struggle to navigate post-pandemic trends lands it in bankruptcy [Yahoo! Finance Canada]Yahoo! Finance Canada
- What does the Spirit Airlines bankruptcy mean for airfares? Experts weigh in. [Yahoo! Finance]Yahoo! Finance
- How Spirit Airlines' Bankruptcy Filing Will Affect Holiday Flights [Yahoo! Finance]Yahoo! Finance
- Spirit's bankruptcy won't impact holiday travelers, experts say. But frequent flyers and routes could be impacted next year [Yahoo! Finance]Yahoo! Finance
- More from CNN [CNN]CNN
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