Spirit Airlines has successfully exited Chapter 11 bankruptcy proceedings, with CEO Ted Christie expressing optimism about the company’s future. Rejecting takeover bids by Frontier Airlines, Spirit pursued its own recovery plan, resulting in less debt and greater financial flexibility. The reorganization plan, confirmed by a U.S. Bankruptcy Judge, received overwhelming support from creditors who also invested $350 million to support future initiatives. Spirit continues to serve destinations in the U.S., Latin America, and the Caribbean, albeit with a shrinking network, fleet, and labor force due to cost-cutting measures. The company’s unionized pilots are holding management accountable for restoring workforce confidence and focusing on long-term stability. Shareholders from before the bankruptcy had their stock cancelled, with newly issued shares expected to trade in the over-the-counter marketplace before being relisted on a stock exchange. Spirit’s emergence from bankruptcy marks a new chapter for the airline as it aims to redefine low-fare travel and enhance the guest experience.
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