Spirit Airlines Engages in Talks Amid Second Bankruptcy Petition
Spirit Airlines appears to be holding talks with potential suitors amid their ongoing second bankruptcy petition this year. According to a recent regulatory filing, the airline is exploring options to either pair with a new partner or sell the company. However, a final decision has not yet been made.
The filing does not disclose the identity of any suitor or merger partner. Since filing for Chapter 11 bankruptcy in August for the second time this year, the airline has undergone a significant overhaul in an effort to remain operational.
As part of their restructuring efforts, Spirit Airlines has furloughed pilots and flight attendants, laid off nine union workers, announced plans to close some facilities, reduce their fleet, and sell off certain assets. The company expects to save approximately $100 million throughout the course of this bankruptcy process.