Spirit Airlines announced Tuesday it has secured a financial agreement with lenders to help the budget carrier exit bankruptcy proceedings by late spring or early summer. The airline's parent company filed for bankruptcy for the second time in August due to cash flow problems and increasing losses.
Spirit Airlines announced Tuesday that it has successfully negotiated a financial agreement with its lending partners that will allow the budget carrier to exit bankruptcy proceedings by late spring or early summer.
Spirit Aviation Holdings, the airline’s parent company, entered bankruptcy protection for the second time last August after facing severe cash flow challenges and growing financial losses.
According to the airline, this new financial arrangement will supply Spirit with the necessary funding to complete its reorganization process and put into action strategic changes designed to improve its aircraft fleet operations, route network, and overall cost management structure.
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