FAQ

Spirit has entered into a "restructuring support agreement" (RSA), which is just a fancy way of saying, "We messed up, and now we're asking our bondholders to bail us out." But hey, a supermajority of them are on board, so it must be fine, right?

The so-called "comprehensive recapitalization" includes:

• $350 million in equity investments: Backstopped by existing bondholders who probably just want to get this over with.
• $795 million in funded debt: Magically being turned into equity because why not? It's airline alchemy!
• $300 million in DIP financing: This, combined with what little cash we have left, should keep the lights on long enough for us to "restructure."

According to Spirit, this plan will miraculously reduce debt, increase "financial flexibility" (whatever that means), and supposedly lead to long-term success. Oh, and they claim it'll improve your travel experience too! (Spoiler alert: it won’t.)

To tie up all the loose ends, Spirit has initiated a voluntary (but let's be real, what choice did we have?) prearranged chapter 11 bankruptcy process. This helps bind the small percentage of bondholders still holding out—because why should anyone escape this circus?

But don't worry, Guests! Spirit assures you that business will continue as usual throughout this "streamlined" process. Translation: You’ll still get delayed flights, overpriced snacks, and lost luggage, just with a side of corporate chaos. Your tickets, credits, and loyalty points are safe (for now). Go ahead, book that flight—if you're feeling lucky.

Because charging $10 for stale pretzels and losing everyone's luggage isn’t cutting it anymore. Turns out bad service and creative fees don't pay off in the long run.

Oh, no, Spirit will stick around to haunt your travel plans for years to come. Think of us as the cockroach of airlines—impossible to get rid of.

Chapter 11 is where we reset our financial mess, while you, the shareholder, get nothing. The snacks will still suck, flights will still be delayed, but hey, at least the execs are happy.

Yes, Spirit will continue to offer its trademark delayed flights, lost luggage, and incorrect seating assignments. Business as usual, folks.

We expect to emerge from this process sometime in 2025—just in time to disappoint a whole new generation of travelers.