Spirit Air Files Bankruptcy
Spirit Airlines entered into a restructuring support agreement with its convertible bondholders as part of a comprehensive balance sheet restructuring. This move follows a failed merger with JetBlue Airways and years of mounting losses.
In connection with the restructuring support agreement, Spirit received a $350 million equity investment from existing bondholders and will undergo a complete deleveraging transaction to equitize $795 million of funded debt.
Spirit filed for Chapter 11 in the US Bankruptcy Court for the Southern District of New York to move forward with restructuring, listing assets and liabilities of between $1 billion and $10 billion. https://www.infowars.com/posts..../game-over-spirit-ai
