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Market
Will Spirit Airlines reduce $1.1 billion debt by end of 2025?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official announcements from Spirit Airlines or court documents
Story
Spirit Airlines Files Prearranged Chapter 11 Bankruptcy to Slash $1.1 Billion Debt
Nov 18, 2024, 10:09 AM
Spirit Airlines Inc., the pioneer of no-frills travel in the US, filed for prearranged Chapter 11 bankruptcy protection in New York after a long run of quarterly losses and significant debt. The budget carrier, known as a budget travel icon, aims to slash $1.1 billion in debt while keeping its planes flying. The filing follows a series of setbacks, including increased competition from rival airlines, engine failures, and a blocked merger with JetBlue Airways Corp. Additionally, Frontier Group Holdings Inc. reportedly withdrew its acquisition bid for Spirit. Following the news, shares of Spirit Airlines (NASDAQ: SAVE) plummeted 61%.
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Similar markets
Successful restructuring • 25%
Bankruptcy filing • 25%
Acquisition by another airline • 25%
Other outcome • 25%
Yes • 50%
No • 50%
Less than 20% • 25%
20% to 40% • 25%
41% to 60% • 25%
More than 60% • 25%
Successfully exits bankruptcy and resumes normal operations • 25%
Merges with another airline • 25%
Liquidates assets and ceases operations • 25%
Remains in bankruptcy • 25%
