CNBC: Spirit Airlines Exploring Bankruptcy Protection

October 5, 2024 Business, Travel

Spirit Airlines shares tumbled to a record low on Friday after a report that it’s exploring Chapter 11 bankruptcy protection. The carrier faces a deadline this month to renegotiate more than $1 billion in debt.

A bankruptcy filing would mark a dramatic turn for the carrier with its iconic yellow planes that caters to budget-conscious travelers. Spirit has $1.1 billion in loyalty-program backed debt that is due next September. It has until Oct. 21 to refinance or extend those secured notes.

Profitable and punctual before the pandemic, Spirit’s no-frills service became a punchline for late-night comedians and a thorn in the side of big network carriers, enticing customers with double-digit fares and fees for everything else from seat assignments to carry-on luggage.

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Spirit tumbles to record low on report it’s exploring a bankruptcy filing. Here’s how it got here https://t.co/T9VLiahXPF

— CNBC (@CNBC) October 4, 2024