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.
Thai Airways International has commenced the Voluntary Debt-to-Equity Conversion period for its creditors, effective November 18, 2024. This initiative is a pivotal component of the airline’s ongoing business rehabilitation plan, aiming to strengthen its financial structure and enhance operational stability.
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…
