Latest news with #SpiritAirlines'
Reuters
20-02-2025
- Business
- Reuters
Spirit Airlines gets court approval for $795 million debt deal
NEW YORK, Feb 20 (Reuters) - A U.S. bankruptcy judge on Thursday approved Spirit Airlines' ( opens new tab debt restructuring, clearing the budget airline to convert $795 million in debt to equity and emerge from bankruptcy as a private company. U.S. Bankruptcy Judge Sean Lane approved the airline's restructuring proposal at a court hearing in White Plains, New York. Spirit's bankruptcy plan cancels existing equity shares and hands ownership to Spirit's lenders, which include investment funds managed by Pacific Investment Management Company, UBS Asset Management and Citadel Advisors. Spirit's bankruptcy deal includes a proposal to raise $350 million in additional financing through the sale of new equity shares. The airline has said it expects to emerge from bankruptcy in the first quarter of 2025. Spirit recently rejected a proposed acquisition by fellow budget airline Frontier Group, saying the proposed buyout offered less value for Spirit's creditors than the bankruptcy restructuring. Frontier's latest offer would have allowed Spirit Airlines to retain 19% of the company's equity. But Spirit said the offer carried additional financial costs, including costs associated with a longer stay in bankruptcy, and more risks, including the risk that U.S. regulators would reject the merger of the two airlines. Lane said on Thursday that he would issue a written decision overruling objections raised by the U.S. Securities and Exchange Commission and the Office of the U.S. Trustee, which is the U.S. Justice Department's bankruptcy watchdog. The SEC and U.S. Trustee had opposed the way that Spirit's bankruptcy plan released shareholders' and creditors' legal claims against non-debtors, like Spirit's lenders and its executives. Spirit improperly assumed that the creditors gave their "consent" to the deal unless they returned a separate "opt out" form, according to the two government agencies. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.
Los Angeles Times
31-01-2025
- Climate
- Los Angeles Times
Los Angeles Times News Quiz this week: Oscar nominees and the brink of Super Bowl history
Congratulations on making it not just to the end of this week, but to the end of what, at least from where I'm sitting, feels like an endless, heartbreaking slog of a January. That's why I'm hoping, more fervently than usual, that the News Quiz can serve as a kind of temporary, 10-question respite from it all; an educating, enlightening and entertaining glance back at the light(er)hearted headlines of the last seven days. What's in the mix this week? Well, the recent Academy Award nominations for starters; also a potentially history-making Super Bowl LIX, the WNBA All-Star about to add a spark to the Sparks (hint, she shares a name with a certain type of fruit), President Trump's words of water wisdom for California, Spirit Airlines' new ban, a tiebreaking vote for Pete Hegseth and more. If you kept up on the news of the week, you should be able to answer these questions easily. Are you ready to have some fun? I am. Let's get started.
