Spirit Airlines could enter bankruptcy restructuring a second time
Cash strapped Spirit Airlines has reportedly hired advisers as it considers all options for the business and another bankruptcy restructuring could be imminent.
The advisers will weigh up its options as it acknowledged its earlier period of bankruptcy protection hasn’t worked.
One option could be another restructuring, a Wall Street Journal report suggests, citing unnamed sources.
The airline recently drew down all of its $275 million credit facility, leading to the current speculation about its long-term future.
Spirit exited bankruptcy protection in March with a plan to cut costs and underperforming routes.
It has done this but remains critically short on cash, as the domestic market remains weak.
The airline gave a stark warning to investors recently that it may not last the year without a cash injection.
The airline has furloughed hundreds pilots and is selling 23 Airbus aircraft to raise cash.
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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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