Spirit Airlines has announced an amendment to its debtor-in-possession (DIP) credit agreement, securing an additional $100 million in funding. This move, agreed upon with its senior secured noteholders, aims to bolster the airline's restructuring progress. The amendment allows Spirit to immediately access $50 million, with the remainder contingent upon further advancements in its reorganisation plan or a strategic transaction. Spirit is actively negotiating both options.
Dave Davis, Spirit's President and CEO, expressed gratitude towards the lenders, stating, "We are grateful to our lenders for continuing to support Spirit's transformation, recognising all the significant progress our team has made in recent months." He emphasised the airline's commitment to providing high-value travel options and welcomed guests aboard during the holiday season and beyond.
Recently, Spirit's pilots and flight attendants ratified new agreements, supporting the company's future. Over the past two months, Spirit has repositioned its fleet and improved its cost structure. The airline continues to enhance its product offerings, ensuring they provide compelling value without compromising on operational excellence. Davis acknowledged the efforts of the Spirit team, saying, "I want to thank our pilots, flight attendants, and the entire Spirit team for taking such great care of our guests and continuing to deliver a world-class operation we all take pride in."
Spirit Airlines remains committed to delivering affordable travel experiences across the United States, Latin America, and the Caribbean, with its all-Airbus fleet. Further details on the restructuring process are available on Spirit's dedicated website.
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