Spirit Airlines announced that its reorganization plan was approved by the United States Bankruptcy Court for the Southern District of New York.
The plan involves converting $795 million of debt into equity and securing a $350 million investment. Existing bondholders will receive a total of $840 million in secured bonds. Additionally, a credit line of up to $300 million will be established. This will ensure that suppliers and leasing companies are not harmed and operations continue as usual.
They aim to exit Chapter 11 bankruptcy protection within a few weeks.
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