Budget carrier Spirit Airlines said on Friday that he had filed to emerge only after months for bankruptcy protection. Chapter 11 Reorganization,
No-Fils Airline stated that it intends to operate trade normally during the restructuring process, meaning that passengers can continue to book trips and use their tickets, credit and loyal points. The company said that its employees and contractors would still be paid.
Spirit CEO Dave Davis said Previous chapter 11 petition of the airline Focused on reducing the debt and increasing capital, and since exiting that process in March, “it has become clear that much work is to be done and many more equipment are available for the best status spirit for the future.”
In a quarterly report released earlier this month, Spirit Aviation Holdings said that there was a “adequate doubt” about its ability to continue as the concern of next year-which is an accounting to get out of money. Spirit cited “adverse market status”, the company faced its most recent restructuring and other attempts to revive its business.
This included weak demand for domestic holiday travel, which the soul said in the second quarter of its financial year, and “uncertainty in its business”, which Florida company hopes to continue to continue “for at least 2025”. ,
Trouble since epidemic
Known for its no -frills, low -cost flights on a fleet of bright yellow aircraft, the soul has struggled to recover and compete since the Kovid -19 epidemic. The rising operation cost and rising loans eventually discovered the company for insolvency conservation in November. By the time of that chapter 11 filing, the airline had lost more than $ 2.5 billion since the beginning of 2020.
When the Spirit emerged from insolvency protection in March, the company successfully reorganized some of its debt obligations and received new financing for future operations. Spirit has continued other cost-cut efforts-which includes a plan of about 270 pilots and the first 140 captains have been downgrained in the coming months.
The company said in its quarterly report that Furlines and Dowgrades announced last month and announced last month. They follow previous furlings and job cuts before the company’s bankruptcy files last year.
Despite efforts to cut these and other costs, Spirit has said that it needs more cash. As a result, the company said that it could also sell some aircraft and real estate.
And as discount carriers struggle to compete with large airlines-many of which have taken away budget-conscious customers through their own tier offerings-Spirit is trying to tap in the growing market for more Upskale travel. It is now offering flight options with tier prices, high-value tickets are coming with more features.
Spirit’s aircraft fleet is relatively young, which has also made the airline an attractive acquisition target. But both such purchases from budget rivals like Jetbu and Frontier failed both before and during the insolvency process.
According to travel search engine, US, Caribbean, Mexico, Central America, Panama and Colombia operates 5,013 flights for 88 destinations Skyscanner.net
