Investment firm in talks for Spirit Airlines takeover
Spirit Airlines is reportedly in discussions with investment firm Castlelake over a possible sale.
Neither party has confirmed or denied talks are ongoing, according to CNBC.
Last summer, Spirit entered bankruptcy protection for a second time in less than a year.
At around the same time, Castlelake said it plans to launch a new aviation lending division, called Merit AirFinance.
Spirit recently renegotiated terms with creditors to unlock about $50 million in immediate funding.
Extra funding is conditional on further progress on a standalone plan of reorganization or a ‘strategic transaction.’
“Spirit is currently in active negotiations on each of these possibilities,” the airline said last month.
It has slashed flight routes and downsized its fleet to cut costs, as well as negotiated pay reductions for pilots and cabin crew.
The carrier’s financial problems became apparent after a planned acquisition by JetBlue was blocked two years ago.
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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.
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