CEO: Sprit Airlines not considering a bankruptcy filing

CEO: Sprit Airlines not considering a bankruptcy filing

Friday, 07 Jun, 2024 0

Spirit Airlines is not mulling a filing for Chapter 11 bankruptcy, its chief executive says.

CEO Ted Christie responded over industry concern the airline will struggle to pay off maturing debt next year.

The merger deal with JetBlue Airways fell through which leaves the airline vulnerable.

It has a $1.1 billion bond due in September 2025 and a $500 million convertible note due in 2026.

However, Christie is bullish about its cost cutting plan, announced after the merger was blocked.

Christie told shareholders: “We are proudly executing to our plan as we’ve exited the merger agreement with JetBlue and are encouraged by the initial results”.

“We are not evaluating a Chapter 11 at this time.”

Spirit has delayed most new aircraft deliveries through 2026 and put 260 pilots on furlough.

The airline is also contending with Pratt & Whitney engine issues which could ground dozens of its planes.

The airline announced chief financial officer Scott Haralson is leaving and Brian McMenamy will act as interim CFO effective from next week. 

Related News Stories:  Spirit Airlines to defer Airbus orders, furlough pilots     Frontier Airlines CEO takes aim at wheelchair assistance ‘abuse’     Alaska Air to buy Hawaiian Airlines in $1.9 billion deal     Spirit Airlines joins Frontier is crapping change fees     Aer Lingus unveils new ‘Green Spirit’ livery     Spirit cancels dozens of flights due to emergency aircraft inspections     Spirit Airlines extends flight credit validity     Frontier ditching flight change fees     Pleasant Holidays, Journese add Guatemala vacation packages     Pleasant Holidays rolls out new incentive for Travel & Tourism Week    



TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

Most Read

Sophia of Destinations International about the work the organisation is doing on Social inclusion

Don Welsh President/CEO of Destinations International at his organisations annual conference,Tampa

Jane Cunnigham explains how European uencing policy within Destinations International policy

Kristin from Miles Partnerships at #DIAC24 in Tampa about the new Wayfinfer tools for Destinations

Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM

Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life

Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms

Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand

Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims

TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka

Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences

Florida’s Tourism Boom: Dana Young Analyzes Surge in UK Visitors

Our emails to you has bounced Or You can change your email from your profile Setting Section

Your region selection will be saved in your cookie for future visits. Please enable your cookie for so this dialog box will not come up again.

Price Based Country test mode enabled for testing United States (US). You should do tests on private browsing mode. Browse in private with Firefox, Chrome and Safari