Annonce • Mar 14
Spirit Airlines Files Form 15 Spirit Airlines, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.0001 per share. Annonce • Feb 12
Frontier Group Holdings, Inc. (NasdaqGS:ULCC) cancelled the acquisition of Spirit Airlines, Inc. Frontier Group Holdings, Inc. (NasdaqGS:ULCC) submitted the proposal to acquire Spirit Airlines, Inc. on February 4, 2025. Under the terms of the New Proposal, which was subject to various conditions, Spirit’s stakeholders would receive $400 million principal amount of second-lien debt issued by Frontier and 19.0% of Frontier’s common equity following the proposed combination. The New Proposal would not require the Company to complete its previously announced $350 million equity rights offering, and required a waiver of the Bankruptcy Court-approved $35 million termination fee that would otherwise be owed under the Backstop Commitment Agreement, dated Nov. 18, 2024, by and among the Company and the other stakeholders party thereto (the “Backstop Commitment Agreement”). Notably, the New Proposal did not address certain material risks and issues previously identified by the Company, including that the New Proposal would deliver less in value to the Company’s stakeholders than contemplated by the Company’s existing plan of reorganization, is uncertain as to timing and completion, would result in extended and materially more costly and uncertain chapter 11 proceedings, and has uncertainties with regard to needed regulatory and court approvals. The Company’s management and Board of Directors, consistent with their fiduciary duties, carefully reviewed the New Proposal in consultation with the Company’s external legal and financial advisors.
Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Evercore is acting as financial advisor to the ad hoc group of loyalty noteholders. Paul Hastings LLP is acting as legal counsel and Ducera Partners LLC is acting as financial advisor to the convertible bondholders.
Frontier Group Holdings, Inc. (NasdaqGS:ULCC) cancelled the acquisition of Spirit Airlines, Inc. on February 11, 2025. Annonce • Jan 30
Frontier Group Holdings, Inc. (NasdaqGS:ULCC) cancelled the acquisition of Spirit Airlines, Inc. (OTCPK:SAVE.Q) for $1.8 billion. Frontier Group Holdings, Inc. (NasdaqGS:ULCC) submit a proposal to acquire Spirit Airlines, Inc. (OTCPK:SAVE.Q) for $1.8 billion on January 7, 2025. The consideration consists of $1.76 billion common equity of Frontier Group Holdings, Inc. to be issued for common equity of Spirit Airlines, Inc. Frontier will issue $400 million principal amount of debt by Frontier and 19.0% of Frontier’s common equity at the closing of the transaction, to be distributed to the Holders of Senior Secured Notes, 2025 Convertible Notes, 2026 Convertible Notes and Existing Interests. Frontier Board of Directors has unanimously approved our Proposal. Evercore Group L.L.C. is acting as financial advisor to the ad hoc group of Holders of Senior Secured Notes of Spirit Airlines. Frontier has retained Citigroup Global Markets, Inc. as its financial advisor for this transaction and Latham & Watkins LLP as its legal counsel.
Frontier Group Holdings, Inc. (NasdaqGS:ULCC) cancelled the acquisition of Spirit Airlines, Inc. (OTCPK:SAVE.Q) on January 28, 2025. Spirit Airlines board of directors rejected the proposal. Annonce • Dec 19
Final DIP Financing Approved for Spirit Airlines, Inc. The US Bankruptcy Court gave an order to Spirit Airlines, Inc. to obtain DIP financing on a final basis on December 18, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $300 million Wilmington Savings Fund Society, FSB acting as the administrative agent. The DIP loan would either carry an interest rate of DIP Loans and DIP Notes will bear interest at a rate per annum equal to (a) Term SOFR plus 7.00% per annum or (b) Alternate Base Rate plus 6.00% per annum. Interest shall be payable in cash. Interest shall be calculated on the basis of the actual number of days elapsed in a 360-day year. Interest shall be payable in arrears on the last Business Day of each month, regardless of whether interest accrues based on Term SOFR or the Alternate Base Rate., along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on 12 months after the petition date, i.e. November 18, 2025, or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Annonce • Dec 18
Combined Hearing for Disclosure Statement and Joint Plan Approved on Interim Basis for Spirit Airlines, Inc. The US Bankruptcy Court approved the combined hearing to consider approval of disclosure statement and joint plan of Spirit Airlines, Inc. and interim approval of disclosure statement on December 17, 2024. The debtor had filed its disclosure statement and joint plan in the Court on December 17, 2024. The voting record date is December 10, 2024. The deadline to vote on the plan is January 21, 2025. Any objections to the plan should be made before January 21, 2025, and the confirmation hearing for the plan and disclosure statement has been scheduled for January 29, 2025. Annonce • Nov 29
Motion for Asset Sale Approved for Spirit Airlines, Inc. The US Bankruptcy Court gave interim order approving the sale of the certain assets of Spirit Airlines, Inc. on November 27, 2024. The debtor has been authorized to sell its certain assets to Aircraft Sale Agreement with GA Telesis, LLC, for a purchase price of $518.9 million in cash. The debtor’s assets include 23 used Airbus A320ceo and A321ceo aircraft. Annonce • Nov 26
Affiliate Companies Joined Spirit Airlines, Inc. Bankruptcy Four affiliate debtors filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on November 25, 2024. The affiliates include Spirit Finance Cayman 1 Ltd., Spirit Finance Cayman 2 Ltd., Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. The debtors are represented by Marshall Scott Huebner of Davis Polk & Wardwell LLP as their legal counsel. Annonce • Nov 20
The New York Stock Exchange to Commence Delisting Proceedings against Spirit Airlines The New York Stock Exchange (‘NYSE’, the ‘Exchange’) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Spirit Airlines, Inc. (the ‘Company’) from the NYSE. Trading in the Company’s common stock will be suspended immediately. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to NYSE Listed Company Manual Section 802.01D after the Company’s November 18, 2024 press release and Form 8-K disclosures that the Company has commenced a prearranged chapter 11 process in the United States Bankruptcy Court for the Southern District of New York. In reaching its delisting determination, NYSE Regulation notes the Company disclosed that all of the Company’s existing common stock and other equity interests will be cancelled without any distributions to the holders of such common stock and other equity interests on account thereof. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. Annonce • Nov 19
Spirit Airlines, Inc. Filed for Bankruptcy Spirit Airlines, Inc., filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on November 18, 2024. The debtor listed both its assets and liabilities in the range of $1 billion to $10 billion. The debtor is represented by Darren S. Klein and Marshall Scott Huebner of Davis Polk & Wardwell LLP as its legal counsel. The debtor also hired Alvarez & Marsal North America, LLC as financial and compensation advisor, Perella Weinberg Partners as investment banker, Debevoise & Plimpton LLP as fleet counsel, Walkers Cayman Islands as Cayman counsel, Morris, Nichols, Arsht & Tunnell LLP as conflicts counsel, O’Melveny & Myers LLP as labor counsel, and Kathryn Tran of Epiq Corporate Restructuring, LLC, as claims, noticing, solicitation, and administrative agent. Annonce • Nov 14
Spirit Airlines, Inc. announced delayed 10-Q filing On 11/13/2024, Spirit Airlines, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Annonce • Oct 25
Spirit Airlines, Inc. Provides Operating Guidance for the Third Quarter and Fourth Quarter of 2024 and Full Year 2025 Spirit Airlines, Inc. provided operating guidance for the third quarter and fourth quarter of 2024 and full year 2025. The Company’s third quarter 2024 capacity was down 1.2% year over year.
The Company estimates its fourth quarter 2024 capacity will be down approximately 20% year over year.
The Company estimates the net proceeds of the Sale, combined with discharging the Aircraft-related debt from its balance sheet, will benefit its liquidity by approximately $225 million through year-end 2025. The Company estimates its capacity will be down mid-teens year over year. This decrease takes into account the sale and removal from scheduled service of the Aircraft, a year-over-year increase in the estimated number of neo aircraft removed from scheduled service due to the reduced availability of Pratt & Whitney geared turbofan engines, the retirement of the Company’s remaining A319ceo aircraft and the addition of six new A321neo aircraft scheduled for delivery in 2025. Board Change • Oct 24
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Director Richard Wallman was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Oct 24
Frontier Airlines, Spirit Airlines Reportedly Revive Merger Talks Frontier Airlines, Inc. is exploring a renewed bid for Spirit Airlines, Inc. (NYSE:SAVE), people familiar with the matter said, as Spirit continues discussions with bondholders over the terms of a potential bankruptcy filing. The two budget airlines have had recent discussions about a possible merger, though the people said the talks are at an early stage and that a deal may not come to fruition. Annonce • Oct 15
Spirit Airlines Launches its Inaugural Alabama Service and Birmingham's Only Nonstop Flight to Fort Lauderdale Spirit Airlines announced that it is celebrating its new Alabama service on October 15, 2024, following the October 10, 2024 launch of its daily, nonstop service from Birmingham-Shuttlesworth International Airport (BHM) to Fort Lauderdale-Hollywood International Airport (FLL). Spirit's introduction of the only nonstop flight from Birmingham to Fort Lauderdale provides affordable options for travelers who want to visit the Sunshine State or take advantage of one-stop connections to more than two dozen destinations across the United States, Latin America and the Caribbean. The airline is commemorating the launch of its Birmingham service with limited-time fares starting as low as $49 one-way to and from BHM. Additionally, members of the Free Spirit loyalty program can earn 1,500 bonus points on roundtrip flights and 750 bonus points on one-way flights to and from Birmingham (BHM). Travel must be booked by October 20, 2024, and flown by November 30, 2024. Birmingham Guests can benefit from a more seamless travel experience with Spirit's new boarding process featuring five groups that aim to reduce boarding time and enhance operational performance. Travelers can also enjoy the airline's four new travel options, which all include the flexibility of no change or cancel fees. Go Big to get enhanced comfort with a Big Front Seat®, one checked and one carry-on bag, priority check-in and boarding, snacks and drinks, including alcoholic beverages, and streaming access to fast Wi-Fi. Go Comfy to choose an aisle or window seat with a guaranteed blocked middle seat, one checked and one carry-on bag, priority boarding, a snack and non-alcoholic beverage during each service. Go Savvy to get a standard seat selection and a choice of one checked or one carry-on bag. Go to keep it simple with the greatest affordability. Standard seat selection, a checked bag and other options can be purchased separately. For a limited-time, Free Spirit members that choose to Go Big or Go Comfy will earn double points when they book and complete travel. Annonce • Jul 30
Spirit Airlines, Inc. to Report Q2, 2024 Results on Aug 01, 2024 Spirit Airlines, Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 01, 2024 Annonce • Jul 16
Spirit Airlines, Inc Appoints Richard F. Wallman as Member of Board of Director Spirit Airlines, Inc. announced that its Board of Directors has appointed Richard F. Wallman as its newest member, effective July 16, 2024. Mr. Wallman served as the Chief Financial Officer and Senior Vice President of Honeywell International Inc., a diversified industrial technology and manufacturing company, and its predecessor AlliedSignal, from March 1995 to July 2003. Prior to that, Mr. Wallman served in senior financial positions with IBM and Chrysler Corporation. He is currently a director of CECO Environmental Corp., Charles River Laboratories International, Inc., and Roper Technologies, Inc. Mr. Wallman received his Bachelor of Science from Vanderbilt University and his MBA from the University of Chicago Booth Graduate School of Business. Annonce • Jun 18
Spirit Airlines, Inc. Announces Bringing Affordable Air Service to BHM Beginning October 10, 2024 Spirit Airlines announced it is bringing affordable air service to BHM beginning October 10, 2024, with the only nonstop flight from BHM to Fort Lauderdale (FLL). Spirit's launch at Birmingham will mark the first time the airline serves the state of Alabama and will provide low-fare flight options to the Sunshine State and one-stop connections to Latin America and the Caribbean. To celebrate the new route, Spirit is offering limited-time introductory fares starting at $69 for travel October 10 through November 19, 2024. All fares are one-way, subject to 14-day advance purchase and availability. Spirit's Elevated Guest Experience: Spirit continues its commitment to invest in the Guest, which entails a number of initiatives aimed at delivering the best value in the sky: NEW: No change or cancel fees for all Guests; NEW: Increased checked bag weight allowance to 50 pounds; NEW: Extended Future Travel Vouchers expiration to 12 months (for vouchers issued on or after June 3, 2024); Spirit's Fit Fleet® is one of the youngest and most fuel-efficient fleets in the industry; Cabin enhancements with wider seats, added cushion, new headrests and upgrades to its unique Big Front Seat®; Fast onboard Wi-Fi that allows Guests to watch content from streaming services. Board Change • Jun 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Mark Dunkerley was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 05
Spirit Airlines Announces CFO Changes, Effective June 14, 2024 Spirit Airlines announced that Brian McMenamy, Vice President and Controller, has been named as Interim Chief Financial Officer, effective June 14, 2024. McMenamy succeeds Scott Haralson, Executive Vice President and Chief Financial Officer, who is departing to become CFO of a larger, publicly traded company outside of the airline industry. Haralson will continue in his role through June 14, 2024 to ensure a smooth transition. Spirit will initiate a comprehensive search for a CFO with the assistance of a leading executive search firm. Brian McMenamy brings nearly 40 years of experience in corporate finance. Prior to joining Spirit in 2017, McMenamy held various roles in finance at American Airlines over the course of his 33-year tenure, including Vice President, Finance; Vice President, Financial Planning and Analysis; and Vice President and Controller. He holds a Bachelor of Science in Financial Economics from Rockhurst College in Kansas City, Missouri, and an MBA from Northwestern University's J.L. Kellogg Graduate School of Management. He is also a Certified Public Accountant. Reported Earnings • May 07
First quarter 2024 earnings released: US$1.30 loss per share (vs US$0.95 loss in 1Q 2023) First quarter 2024 results: US$1.30 loss per share (further deteriorated from US$0.95 loss in 1Q 2023). Revenue: US$1.27b (down 6.2% from 1Q 2023). Net loss: US$142.6m (loss widened 37% from 1Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Global Airlines industry. Annonce • Apr 28
Spirit Airlines, Inc., Annual General Meeting, Jun 07, 2024 Spirit Airlines, Inc., Annual General Meeting, Jun 07, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect the following two Class I directors to hold office until the 2027 annual meeting of stockholders or until their resignation or removal, or until their respective successors are elected: Robert D. Johnson and Barclay G. Jones III; to ratify the selection, by the Audit Committee of the Board of Directors, of Ernst & Young LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2024; to approve, on a non-binding, advisory basis, the compensation of company's named executive officers as disclosed in the attached Proxy Statement pursuant to executive compensation disclosure rules under the Securities Exchange Act of 1934, as amended; to hold a non-binding, advisory vote on whether the advisory vote to approve the compensation of company's named executive officers should be held every one, two or three years; and to consider other matters. Board Change • Apr 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Mark Dunkerley was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Mark Dunkerley was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 11
Full year 2023 earnings released: US$4.10 loss per share (vs US$5.10 loss in FY 2022) Full year 2023 results: US$4.10 loss per share (improved from US$5.10 loss in FY 2022). Revenue: US$5.36b (up 5.8% from FY 2022). Net loss: US$447.5m (loss narrowed 19% from FY 2022). Available seat kilometres (ASK): 89.58b (up 15% from FY 2022). Passenger load factor: 81.3% (down from 81.9% in FY 2022). Total aircraft: 205 (up by 11 from FY 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Global Airlines industry. Annonce • Feb 10
Spirit Airlines, Inc. Provides Earnings Guidance for the First Quarter of 2024 Spirit Airlines, Inc. provided earnings guidance for the first quarter of 2024. The company estimates the first quarter 2024 total revenue will range between $1.25 billion and $1.28 billion. For the first quarter, the company estimates capacity will be up approximately 1.5% year-over-year, which is about 5.5 percentage points lower than projected back in October. Board Change • Jan 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Mark Dunkerley was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Mark Dunkerley was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 16
Spirit Airlines Carry-On Fee Class Action Settlement: Claim Submission Now Open Klafter Lesser LLP and the Hermina Law Group are pleased to announce that the settlement website, www.SpiritCarryOnBagFeeSettlement.com, is now accepting claims to share in a proposed $8.25 million settlement that has been reached in a class action against Spirit Airlines, Inc. concerning the carry-on fees it charged United States passengers who booked their first Spirit flight through certain on-line travel agents during the period August 31, 2011, and May 3, 2017. The settlement was reached in Cox, et al., v. Spirit Airlines, Inc., Civil Action No. 17-CV-5172 (EK)(VMS), which is pending in federal court in Brooklyn, New York and is subject to approval by that Court. A Notice describing the settlement in detail, your rights, and the Claim Form to be submitted no later than January 10, 2024 in order to be eligible to share in the settlement can be found at www.SpiritCarryOnBagFeeSettlement.com. Jeffrey Klafter, one of the principal lawyers prosecuting this case states: "We urge every eligible Class member to submit a claim form so they can receive as much as 75% of the carry-on fee they paid. The Claim Form is simple and will take no more than five minutes to complete." "Class members should do this as soon as possible," said John Hermina, co-counsel in the case. The Court has scheduled a hearing on December 11, 2023, to consider final settlement approval. Annonce • Oct 13
Spirit Airlines, Inc. to Report Q3, 2023 Results on Oct 26, 2023 Spirit Airlines, Inc. announced that they will report Q3, 2023 results Pre-Market on Oct 26, 2023 Annonce • Sep 12
Allegiant Travel Company (NasdaqGS:ALGT) entered into a definitive agreement to acquire Boston Logan and Newark Liberty International Airports from Spirit Airlines, Inc. (NYSE:SAVE). Allegiant Travel Company (NasdaqGS:ALGT) entered into a definitive agreement to acquire Boston Logan and Newark Liberty International Airports from Spirit Airlines, Inc. (NYSE:SAVE) on September 11, 2023. Under the agreement, Spirit Airlines will transfer Spirit's assets in Boston and Newark, including gates and landing authorizations, to Allegiant. It will also yield up to five gates at Fort Lauderdale to facilitate Allegiant's growth. The divestiture is contingent on the JetBlue-Spirit transaction's closure. The transaction is subject to approval from local airport authorities and the FAA/DOT. Annonce • Aug 04
Spirit Airlines, Inc. Provides Earnings Guidance for Third Quarter 2023 Spirit Airlines, Inc. provided earnings guidance for third quarter 2023. For the quarter, the company expects total revenue for the third quarter 2023 will range between $1.3 billion and $1.32 billion down 3.2% to down 1.7%, with capacity increasing 13.7% year-over-year. This equates to unit revenue being down 13.6% to 14.9% year-over-year in the third quarter. Annonce • Jul 25
Spirit Airlines, Inc. to Report Q2, 2023 Results on Aug 03, 2023 Spirit Airlines, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 03, 2023 Annonce • Jun 02
Frontier Group Holdings, Inc. (NasdaqGS:ULCC) entered into an agreement to acquire LaGuardia Airport from Spirit Airlines, Inc. (NYSE:SAVE). Frontier Group Holdings, Inc. (NasdaqGS:ULCC) entered into an agreement to acquire LaGuardia Airport from Spirit Airlines, Inc. (NYSE:SAVE) on June 1, 2023.