Loading...
Market
Will Spirit Airlines complete Chapter 11 restructuring by end of 2025?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official press release from Spirit Airlines or court documents
Story
Spirit Airlines Files for Bankruptcy After Failed JetBlue Merger and Mounting Losses
Nov 18, 2024, 11:58 AM
Spirit Airlines (NYSE: SAVE), the largest U.S. budget airline, filed for Chapter 11 bankruptcy protection in a New York court on Monday amid mounting financial losses and significant debt maturities. The airline has struggled to recover from the pandemic-induced downturn in travel and faced increased competition from rival carriers. A failed merger with JetBlue Airways, blocked by a federal judge earlier this year, and the withdrawal of an acquisition bid by Frontier Group Holdings (NASDAQ: ULCC) led to a 61% plunge in Spirit's share price. Spirit aims to slash $1.1 billion in debt while continuing flight operations. The carrier has reported losses exceeding $2.5 billion since 2020 and faces over $1 billion in debt payments over the next year. Despite the bankruptcy filing, Spirit Airlines assured customers that flights, tickets, and loyalty programs remain unaffected as it restructures its debt.
View original story
Similar markets
Successful restructuring • 25%
Acquisition by another airline • 25%
Liquidation • 25%
Other outcome • 25%
Yes • 50%
No • 50%
Successful restructuring • 25%
Acquisition • 25%
Liquidation • 25%
Other outcome • 25%
Successfully restructures and continues operations • 25%
Merges with another airline • 25%
Liquidates assets and ceases operations • 25%
Other outcome • 25%
Emerges from bankruptcy • 25%
Liquidation • 25%
Acquired by another airline • 25%
Remains in bankruptcy • 25%
Successfully exits bankruptcy and resumes normal operations • 25%
Merges with another airline • 25%
Liquidates assets and ceases operations • 25%
Remains in bankruptcy • 25%