DANIA
BEACH, Fla., Nov. 18,
2024 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit"
or the "Company") (NYSE: SAVE) today issued the following open
letter to all Spirit Guests:
We are writing to let you know about a proactive
step Spirit has taken to position the company for success. Spirit
has entered into an agreement with our bondholders that is expected
to reduce our total debt, provide increased financial flexibility,
position Spirit for long-term success and accelerate investments
providing Guests with enhanced travel experiences and greater
value. Part of this financial restructuring includes filing a
"prearranged" chapter 11.
The most important thing to know is that you
can continue to book and fly now and in the future. We
also want to assure you:
-
- You can use all tickets, credits and loyalty points as
normal.
- You can continue to benefit from our Free Spirit loyalty
program, Saver$ Club perks and credit card terms.
- Our amazing Team Members are here to offer you excellent
service and an elevated experience.
We expect to complete this process in the first
quarter of 2025 and emerge even better positioned to deliver the
best value in the sky. Other airlines that are operating
successfully today have undertaken a similar process. For more
information about our financial restructuring, please visit
www.SpiritGoForward.com.
We're grateful you continue to choose Spirit for
your travel needs. As we head into the holiday season and beyond,
we look forward to welcoming you on board again
soon.
Additional Information
Additional information about the Company's chapter 11 case,
including access to Court filings and other documents related to
the restructuring process, is available at
https://dm.epiq11.com/SpiritGoForward or by calling Spirit's
restructuring information line at (888) 863-4889 (U.S. toll free)
or +1 (971) 447-0326 (international). Additional information is
also available at www.SpiritGoForward.com.
About Spirit Airlines
Spirit Airlines (NYSE: SAVE) is a leading low-fare carrier
committed to delivering the best value in the sky by offering an
enhanced travel experience with flexible, affordable options.
Spirit serves destinations throughout the
United States, Latin
America and the Caribbean
with its Fit Fleet®, one of the youngest and most fuel-efficient
fleets in the U.S. Spirit is committed to inspiring positive change
in the communities it serves through the Spirit Charitable
Foundation. Discover elevated travel options with exceptional value
at spirit.com.
Investor Inquiries:
Spirit Investor Relations
investorrelations@spirit.com
Media Inquiries:
Spirit Media Relations
Media_Relations@spirit.com
FGS Global
Spirit@fgsglobal.com
Cautionary Statement Regarding Forward Looking
Statements
This press release contains various forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") which are
subject to the "safe harbor" created by those sections.
Forward-looking statements are based on our management's beliefs
and assumptions and on information currently available to our
management. All statements other than statements of historical
facts are "forward-looking statements" for purposes of these
provisions. In some cases, you can identify forward-looking
statements by terms such as "may," "will," "should," "could,"
"would," "expect," "plan," "anticipate," "believe," "estimate,"
"project," "predict," "potential," and similar expressions intended
to identify forward-looking statements. Forward-looking statements
include, but are not limited to, statements regarding Spirit's
expectations with respect to operating in the normal course, the
Chapter 11 process. Forward-looking statements are subject to
risks, uncertainties and other important factors that could cause
actual results and the timing of certain events to differ
materially from future results expressed or implied by such
forward-looking statements. Factors include, among others, risks
attendant to the bankruptcy process, including the Company's
ability to obtain court approval from the Court with respect to
motions or other requests made to the Court throughout the course
of Chapter 11, including with respect the DIP; the effects of
Chapter 11, including increased legal and other professional costs
necessary to execute the Company's restructuring process, on the
Company's liquidity (including the availability of operating
capital during the pendency of Chapter 11); the effects of Chapter
11 on the interests of various constituents and financial
stakeholders; the length of time that the Company will operate
under Chapter 11 protection and the continued availability of
operating capital during the pendency of Chapter 11; objections to
the Company's restructuring process, the DIP, or other pleadings
filed that could protract Chapter 11; risks associated with
third-party motions in Chapter 11; Court rulings in the Chapter 11
and the outcome of Chapter 11 in general; the Company's ability to
comply with the restrictions imposed by the terms and conditions of
the DIP and other financing arrangements; employee attrition and
the Company's ability to retain senior management and other key
personnel due to the distractions and uncertainties; risks
associated with the potential delisting or the suspension of
trading in its common stock by the New York Stock Exchange, the
impact of litigation and regulatory proceedings; and other factors
discussed in the Company's Annual Report on Form 10-K and
subsequent quarterly reports on Form 10-Q filed with the SEC and
other factors, as described in the Company's filings with the
Securities and Exchange Commission, including the detailed factors
discussed under the heading "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, as supplemented in the
Company's Quarterly Report on Form 10-Q for the fiscal quarters
ended March 31, 2024 and June 30, 2024. Furthermore, such forward-looking
statements speak only as of the date of this release. Except as
required by law, we undertake no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of such statements. Risks or uncertainties (i) that are
not currently known to us, (ii) that we currently deem to be
immaterial, or (iii) that could apply to any company, could also
materially adversely affect our business, financial condition, or
future results. Additional information concerning certain factors
is contained in the Company's Securities and Exchange Commission
filings, including but not limited to the Company's Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports
on Form 8-K.
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SOURCE Spirit Airlines, Inc.