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Spirit Airlines exits bankruptcy with new financial plan

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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