Spirit Airlines has commenced a $350 million equity rights offering, as part of ongoing efforts to restructure under Chapter 11 bankruptcy.
On December 30, 2024, the company began a $350 million equity rights offering as part of its restructuring plan, outlined in a restructuring support agreement dated November 18, 2024.
This offering allows stakeholders to purchase shares in the reorganised company. The equity rights offering will close on January 30, 2025, unless the deadline is extended under the offering's procedures.
On November 18, 2024, Spirit filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York.
The airline maintains that the restructuring will reduce its debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments.