GOL Linhas Aéreas Inteligentes (Brazil) has announced its intention to file a Chapter 11 plan of reorganization, marking a significant step in its financial restructuring efforts. The plan is aimed at deleveraging its balance sheet, extinguishing up to $1.7 billion of prepetition funded debt and $850 million in other obligations, enabling the airline to strengthen its financial foundation.
GOL (Brazil), currently undergoing Chapter 11 bankruptcy proceedings, has announced plans to request authorization from the Bankruptcy Court to enter into a settlement agreement with Brazil’s Attorney General’s Office of the National Treasury and the Special Secretariat of the Federal Revenue. This move represents a critical step in GOL’s ongoing restructuring process.
Spirit Airlines (US) is expected to have its Cayman Islands subsidiaries file for bankruptcy as part of the parent company’s ongoing Chapter 11 case. The four units, which own specific intellectual property (IP), will join the restructuring process to streamline the airline’s financial and operational strategies.
Fitch Ratings (US) has announced that the Chapter 11 bankruptcy filing of Spirit Airlines (US) will not have a material impact on Aircraft Lease ABS (Asset-Backed Securities). The credit rating agency attributes this stability to the limited exposure of ABS pools to aircraft leased by Spirit Airlines.
Spirit Airlines, a prominent U.S.-based low-cost carrier, has been downgraded by S&P Global from ‘CCC’ to ‘D’following its Chapter 11 bankruptcy filing. The move reflects the airline’s financial struggles and the significant challenges it faces during its restructuring process. Additionally, the ratings on Spirit Airlines’ Enhanced Equipment Trust Certificates (EETCs) have been lowered by one notch.
Spirit Airlines, a prominent U.S.-based carrier, has announced a restructuring support agreement (RSA) as part of a comprehensive plan to strengthen its balance sheet and streamline operations. The agreement has received backing from a supermajority of Spirit’s loyalty and convertible bondholders, paving the way for significant financial restructuring.
Spirit Airlines is reportedly preparing to file for bankruptcy protection within the coming weeks following the breakdown of merger negotiations with Frontier Airlines. The airline is engaged in advanced discussions with bondholders to develop a bankruptcy plan expected to gain majority support from creditors. This decision underscores Spirit’s need for financial restructuring as it faces operational and market challenges, heightened by…
GOL, the Brazilian airline, has entered into a Plan Support Agreement with the Abra Group (UK), its affiliates, and unsecured creditors to facilitate the airline’s financial restructuring under Chapter 11. This agreement will reduce GOL’s prepetition debt and obligations by approximately $2.5 billion, a substantial move aimed at stabilizing its finances and preparing for a sustainable future.
