Spirit Airline secures bankruptcy lifeline
Cash strapped Spirit Airlines has managed to secure a temporary lifeline as it works through restructuring the business.
It has negotiated $475 million through its existing bondholders and others to support business operations during the Chapter 11 restructuring.
The debtor-in-possession financing will give it about $200 million immediately pending the court approval.
Spirit also has access to $120 million of liquidity, it said in a filing.
The airline filed for bankruptcy protection again in August.
Its first bankruptcy filing less than a year ago failed to put it on a strong financial footing amid shrinking demand and strong market competition.
The airline separately said it has reached a deal in a dispute with aircraft lessor AerCap Holdings which will see the lessor pay Spirit $150 million.
The airline recently announced workforce downsizing and the scrapping of dozens of underperforming routes.
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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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