A Spirit Airlines craft undergoes operations successful mentation for departure astatine the Austin-Bergstrom International Airport successful Austin, Texas, connected Feb. 12, 2024.
Brandon Bell | Getty Images
Spirit Airlines connected Friday said it reached an statement with its recognition paper processor to again extended a indebtedness refinancing timeline to December, hours earlier it was acceptable to deed its deadline.
Spirit said successful a filing precocious Friday that earlier this week it drew down the entirety of its $300 cardinal revolving recognition installation and expects to extremity the twelvemonth with conscionable implicit $1 cardinal successful liquidity.
"As antecedently disclosed, the Company remains successful progressive and constructive discussions with holders of its elder secured notes owed 2025 and convertible elder notes owed 2026 with respect to their respective maturities," Spirit said successful a filing precocious Friday.
The deadline was antecedently acceptable successful September and had been extended until Oct. 21 earlier the Friday change. The airline's banal closed astatine a caller debased Friday, down astir 3%, astatine little than $1.50 per share.
The Miramar, Florida-based hose has furloughed workers, slashed its docket and deferred craft deliveries to prevention currency implicit the past year.
Many of its planes person been grounded due to the fact that of a Pratt & Whitney motor recall. It has besides reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled aft getting blocked by a national justice connected antitrust grounds.
Its shares person tumbled much than 90% truthful acold this twelvemonth and astir 40% truthful acold successful October alone.
Earlier this month, The Wall Street Journal said the bearer is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners did not instantly remark connected the matter.
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