Spirit Bankruptcy Rumors

[eolesen]

The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...

https://www.thestreet.com/travel/is-azul-airlines-going-bankrupt

The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.

 

[WeAAsles]

The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...

https://www.thestreet.com/travel/is-azul-airlines-going-bankrupt

The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.

The Biden-Harris administration has done nothing but attack the Airline Industry. The Harris-Waltz administration will be just as bad.

Down 97%, Is It Time to Buy Spirit Airlines Stock? | The Motley Fool

The sentiment surrounding this business has never been lower.

www.fool.com

 

[WeAAsles]

If AZUL and Spirit went under it would absolutely make for some interesting changes where I work. (FLL)

https://seekingalpha.com/article/4719060-azul-fx-challenges-and-debt-restructuring-concerns-make-it-a-stock-to-avoid

 

[WeAAsles]

Well it’s no longer a rumor. Spirit Airlines is now Bankrupt. Congratulations to the DOJ since they’re the ones who ultimately made this happen.

Budget travel icon Spirit Airlines files for bankruptcy, facing mounting losses
https://www.cnbc.com/2024/11/18/spi...are|com.apple.UIKit.activity.CopyToPasteboard

 

[eolesen]

It's a pre-packaged bankruptcy, which means the debtors agreed to keep the guys who led Spirit into going broke will remain in control.

 

[WeAAsles]

It's a pre-packaged bankruptcy, which means the debtors agreed to keep the guys who led Spirit into going broke will remain in control.

Working for a competitor I’d have to call that a good thing then.

Maybe they can spend a few more mullion for some nice foliage around that new $500 Million Corporate HQ they just finished in Dania Beach.

 

[eolesen]

Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.

 

[CorvetteMan]

Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.

Frontier walked away for a second time just recently

Spirit Airlines Stock Sinks on Report Frontier Merger Talks Break Down

Spirit Airlines shares plunged Wednesday on a report that the budget carrier is getting ready to file for bankruptcy protection after revived merger talks with Frontier Airlines parent Frontier Group Holdings collapsed.

www.investopedia.com

 

[WeAAsles]

Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.

I’d tend to agree and likely the reason Frontier walked away. Why not let them go through that Bankruptcy and maybe get some financials in order before joining forces.

If they do they really should get rid of the Spirit name and go with Frontier. The Spirit name is toxic and comes across as lower class than shopping at Walmart.

 

[SWAMECH]

The article is titled for Azul.... Spirit is briefly mentioned, but this is the second source this week questioning if they'll be filing or not...

https://www.thestreet.com/travel/is-azul-airlines-going-bankrupt

The Harris-Biden administration turning down the merger with JetBlue really accomplished a lot if they do wind up filing. The stock has lost over 80% of its value, and they're furloughing pilots.

Agree. All the jobless folks can blame Biden and Harris admin. for the BK at Spirit.

Or, it keeps them around long enough to have Trump in office and a merger with F9 approved at a much lower cost than what it would have been 2 years ago.

I too was in hopes to see a Frontier/Spirit merger go thru rather than the one with JB. And yes, at a reduced cost to get it done now.

 

[WeAAsles]

Liquidity and Capital Resources

We have evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year from the filing of this Quarterly Report on Form 10-Q. We received approval from the Bankruptcy Court for a variety of “first day” motions to continue our ordinary course operations during the Chapter 11 Case. However, for the duration of the Chapter 11 Cases, our operations and ability to develop and execute our business plan, our financial condition, liquidity and our continuation as a going concern are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is dependent upon factors that are outside of our control, including actions of the Bankruptcy Court. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. Based on such evaluation and management’s current plans, which are subject to change, management believes there is substantial doubt about our ability to continue as a going concern.

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001498710/f318719f-f260-456e-bccf-04e853a5164b.html#SAVE-20240930_HTM_icf8a7880612c4d0396ff6b7f4e26cbe5_82

 

[eolesen]

All of that including "doubt to continue as a going concern" is fairly standard boilerplate for a SEC filing when you're in bankruptcy.

 

[WeAAsles]

All of that including "doubt to continue as a going concern" is fairly standard boilerplate for a SEC filing when you're in bankruptcy.

“Substantial” doubt.

Spirit Airlines stock drops again after airline analyst says company could go out of business after JetBlue merger blocked | abc7news.com

The%20more%20likely%20scenario%20for%20Spirit%20Airlines%20would%20be%20a%20liquidation%20of%20its%20assets%2C%20according%20to%20a%20note%20from%20an%20airline%20analyst.

abc7news.com