Spirit Airlines has exited Chapter 11 bankruptcy after finalising its debt restructuring plan, which aims to return the airline to profitability and improve its competitiveness.
The plan includes converting $795 million of debt into equity and receiving a $350 million investment from existing investors.
Spirit filed for bankruptcy in November due to financial struggles, rising operating costs, and tough competition, having lost over $2.5 billion since 2020.
Despite unsuccessful takeover attempts from JetBlue and Frontier, Spirit will continue as an independent airline under CEO Ted Christie.
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